Question # 1

Trial balance is prepared to detect

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Errors of omission

Compensating errors

Errors of commission

Errors of principles

For payment of bill of exchange grace days are

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2 days

3 days

5 days

4 days

The purchase of machinery on account would:

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Increase one asset and decrease another asset

Increase an asset and decrease liability

Increase an asset and increase capital

Increase an asset and increase a liability

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

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

The person to whom goods are sold on credit is called

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Seller

Creditor

Debtor

Buyer

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

Which of theses assets is an intangible asset

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Building

Cash

Furniture

Good will

Payment for freight on raw material purchased is called

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Capital payment

Deferred revenue payment

Revenue payment

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

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

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NAT I Commerce Accounting MCQs With Answers

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