Question # 1

Freight paid on machinery purchased is a

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Revenue expenditure

Capital expenditure

Capital loss

Revenue loss

Accounting is the language of

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Govt

Trade

Business

Commerce

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

If more than two accounts are involved in a journal entry it is called

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Double entry

Contra entry

Compound entry

Single entry

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

Assets which come into existence upon the happening of a certain event are called

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Fictitious assets

Floating assets

Contingent assets

Dependent assets

Noting charges are paid when bill is

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Honoured

Discounted

Dishonoured

None of these

For payment of bill of exchange grace days are

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2 days

3 days

5 days

4 days

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

The person to whom goods are sold on credit is called

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Seller

Creditor

Debtor

Buyer

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

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NAT I Commerce Accounting MCQs With Answers

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