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NAT I Commerce Accounting MCQs With Answers
Question # 1
Net loss is transferred in balance sheet to
Choose an answer
Capital
Losses
Assets
Deferred losses
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Question # 2
Which of these is a fixed asset:
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Cash
Plant
Stock
Prepaid expenses
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Question # 3
Stationary is classified into
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Factory supplies
Sales supplies
Office supplies
Trade supplies
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Question # 4
The discount which is calculated on list price of goods is called
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Trade discount
Rebate
Cash discount
None of these
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Question # 5
Credit sales are recorded in
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Cash book
Purchase book
Sales book
Pass book
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Question # 6
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
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Question # 7
Preliminary Exp.Incurred for formation of Joint Stock Company represent.
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Capital loss
Capital Exp.
Revenue loss
Deferred Revenue Exp
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Question # 8
Accounting is the language of
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Govt
Trade
Business
Commerce
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Question # 9
Modern system of book keeping is
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Single entry system
Double entry system
Modern system
None of these
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Question # 10
Balance sheet is a statement of
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Assets
Both first
Liabilities
None of these
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Question # 11
Bad debts are shown in the
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Trading A/c
None of these
Profit & Loss A/c
Both first
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