Question # 1

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

Which of these is a fixed asset:

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Cash

Plant

Stock

Prepaid expenses

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

The discount which is calculated on list price of goods is called

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Trade discount

Rebate

Cash discount

None of these

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

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

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

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Capital loss

Capital Exp.

Revenue loss

Deferred Revenue Exp

Accounting is the language of

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Govt

Trade

Business

Commerce

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

Balance sheet is a statement of

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Assets

Both first

Liabilities

None of these

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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NAT I Commerce Accounting MCQs With Answers

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