Question # 1

Accounting is the language of

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Govt

Trade

Business

Commerce

Accounting is called of business:

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Heart

Ear

Tongue

Eye

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

Unearned income is shown as

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Assets

Expenses

Liabilities

Income

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

The person who draws a bill of exchange is known as

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Drawer

Payee

Drawee

Bank

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

Expenses paid in advance are called

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Prepaid expenses

Deferred expenses

Expired expenses

Both prepaid & expired expenses

For payment of bill of exchange grace days are

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2 days

3 days

5 days

4 days

Sales return is also called

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Return inward

Return to seller

Return outward

Return inward and return to seller both

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NAT I Commerce Accounting MCQs With Answers

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