Question # 1

Any physical that has money value is

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Transaction

Asset

Intangible asset

Goodwill

Cheque received but not deposited recorded in cash book is

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Cash column

Discount column

Bank column

None of these

The amount of cash or goods with drawn by the proprietor for personal use is called:

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Expenses

Revenue

Capital

Drawings

The person to whom goods are sold on credit is called

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Seller

Creditor

Debtor

Buyer

Noting charges are paid when bill is

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Honoured

Discounted

Dishonoured

None of these

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

Important types of ledger are

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General ledger

Proprietor ledger

Creditors ledger

General ledger & creditor ledger bot

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

Accounting is called of business:

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Heart

Ear

Tongue

Eye

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

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NAT I Commerce Accounting MCQs With Answers

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