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NAT I Commerce Accounting MCQs With Answers
Question # 1
The entry which is recorded on the both sides of three column cash book is called
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Single entry
Compound entry
Double entry
Contra entry
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Question # 2
A bill of exchange is accepted by:
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Drawer
Payee
Drawee
Bank
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Question # 3
In accounting equation assets are equal to
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Capital
Liabilities
Capital + Liabilities
Capital + Liabilities
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Question # 4
The person to whom goods are sold on credit is called
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Seller
Creditor
Debtor
Buyer
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Question # 5
Important types of ledger are
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General ledger
Proprietor ledger
Creditors ledger
General ledger & creditor ledger bot
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Question # 6
Transaction which is omitted from record is known as
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Errors of omission
Errors of principle
Errors of commission
Compensating errors
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Question # 7
Favourable bank balances means
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Credit balance of cash book
Debit balance of cash book
Debit balance of pass book
None of these
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Question # 8
Sales return is also called
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Return inward
Return to seller
Return outward
Return inward and return to seller both
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Question # 9
Freight paid on machinery purchased is a
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Revenue expenditure
Capital expenditure
Capital loss
Revenue loss
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Question # 10
Any physical that has money value is
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Transaction
Asset
Intangible asset
Goodwill
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Question # 11
Accounting is called of business:
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Heart
Ear
Tongue
Eye
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