Question # 1

Any physical that has money value is

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Transaction

Asset

Intangible asset

Goodwill

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

Debit balance of cash book is also called

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Unfavourable balance

Favourable balance

Negative balance

Both un favourable and favourable balance

Accounting principle are generally based on

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Theory

Subjectively

Practicability

None of these

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

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

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NAT I Commerce Accounting MCQs With Answers

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