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NAT I Commerce Accounting MCQs With Answers
Question # 1
Cash purchases are recorded in large organizations in
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Purchase day book
General journal
Purchase journal
Cash book
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Question # 2
To any business bad debts is
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An asset
An Income
A loss
A liability
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Question # 3
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
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Question # 4
Accounting is the language of
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Govt
Trade
Business
Commerce
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Question # 5
Accounting is called of business:
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Heart
Ear
Tongue
Eye
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Question # 6
Discount received is a
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Asset
Revenue
Liability
Expenses
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Question # 7
Cash and goods invested by the proprietor in business is called
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Investment
Capital
Drawings
None of these
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Question # 8
Bad debt arises from
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Sale on account
Account receivable
Cash sales
Account payable
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Question # 9
The expenses incurred in purchasing land property represent
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Capital expenditures
Revenue loss
Revenue expenditures
Deferred revenue expenditures
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Question # 10
Expenses paid in advance are called
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Prepaid expenses
Deferred expenses
Expired expenses
Both prepaid & expired expenses
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Question # 11
A bill of exchange is accepted by
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Debtor
Holder
Creditor
Seller
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