Question # 1

Petty cash book is a branch of

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Pass book

Journal

Cash book

Ledger

Accounting principle are generally based on

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Theory

Subjectively

Practicability

None of these

Cash sales are recorded in

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Sales book

Purchase book

Cash book

Pass book

The person who draws a bill of exchange is known as

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Drawer

Payee

Drawee

Bank

The amount of salaries paid to javed should be credited to

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Javed A/c

Cash A/c

Salaries A/c

None of these

Expenses paid in advance are called

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Prepaid expenses

Deferred expenses

Expired expenses

Both prepaid & expired expenses

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

Freight paid on machinery purchased is a

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Revenue expenditure

Capital expenditure

Capital loss

Revenue loss

Preliminary Exp.Incurred for formation of Joint Stock Company represent.

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Capital loss

Capital Exp.

Revenue loss

Deferred Revenue Exp

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

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

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Expenses

Revenue

Capital

Drawings

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NAT I Commerce Accounting MCQs With Answers

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