Question # 1

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

To any business bad debts is

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An asset

An Income

A loss

A liability

Sales return is also called

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Return inward

Return to seller

Return outward

Return inward and return to seller both

Prepaid expenses are

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Expense

Liability

Asset

None of these

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

Carriage paid on purchase of furniture is a

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Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

Compound entry affected at least

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Two account

One account

Three account

Four account

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

Goods returned by a customer should be debited to

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Sales A/c

Customer A/c

Purchase A/c

Sales return A/c

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

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

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NAT I Commerce Accounting MCQs With Answers

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