Question # 1

The modern system of book keeping is based on:

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Double account system

Single entry system

Single account system

Double entry system

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

Prepaid expenses are

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Expense

Liability

Asset

None of these

Bank reconciliation represents

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Ledger

Statement

Journal

Both ledger and statement

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

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

Any physical that has money value is

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Transaction

Asset

Intangible asset

Goodwill

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

The process of recording business transactions in the journal is called

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Posting

Classifying

Journalising

Entry

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

More Classes

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NAT I Commerce Accounting MCQs With Answers

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