Question # 1

Freight paid on machinery purchased is a

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Revenue expenditure

Capital expenditure

Capital loss

Revenue loss

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

Bad debts are shown in the

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Trading A/c

None of these

Profit & Loss A/c

Both first

Cheque received but not deposited recorded in cash book is

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Cash column

Discount column

Bank column

None of these

If more than two accounts are involved in a journal entry it is called

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Double entry

Contra entry

Compound entry

Single entry

Which of the following books is called book of original entry:

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Cash book

Journal

Ledger

Sales book

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

To any business bad debts is

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An asset

An Income

A loss

A liability

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

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NAT I Commerce Accounting MCQs With Answers

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