Question # 1

If more than two accounts are involved in one transaction the journal entry is called

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Simple entry

Skeleton entry

Compound entry

Double entry

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

Which of theses assets is an intangible asset

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Building

Cash

Furniture

Good will

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

The modern system of book keeping is based on:

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Double account system

Single entry system

Single account system

Double entry system

Carriage paid on goods sold is a

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Direct expense

Operating expense

General expense

Selling expense

Freight paid on machinery purchased is a

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Revenue expenditure

Capital expenditure

Capital loss

Revenue loss

Bank reconciliation is prepared by

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Bank

Creditors

Auditor

Accountant

A bill of exchange is accepted by:

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Drawer

Payee

Drawee

Bank

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

Goods returned to supplier should be credited to:

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Supplier A/c

Purchase return A/c

Sales return A/c

Purchases A/c

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