Question # 1

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

Cheque received but not deposited recorded in cash book is

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Cash column

Discount column

Bank column

None of these

Accounting is called of business:

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Heart

Ear

Tongue

Eye

Carriage paid on purchase of furniture is a

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Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

Carriage paid on goods sold is a

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Direct expense

Operating expense

General expense

Selling expense

The person who draws a bill of exchange is known as

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Drawer

Payee

Drawee

Bank

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

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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NAT I Commerce Accounting MCQs With Answers

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