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NAT I Commerce Accounting MCQs With Answers

Question # 1

The expenses incurred in purchasing land property represent

Choose an answer

Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

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Question # 2

The discount which is calculated on list price of goods is called

Choose an answer

Trade discount

Rebate

Cash discount

None of these

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Question # 3

Operating expenses represent

Choose an answer

G.P- Operative Exp

Selling + General Exp

Selling administrative Exp.D)

All of these

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Question # 4

The amount of salaries paid to javed should be credited to

Choose an answer

Javed A/c

Cash A/c

Salaries A/c

None of these

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Question # 5

The amount of cash or goods with drawn by the proprietor for personal use is called:

Choose an answer

Expenses

Revenue

Capital

Drawings

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Question # 6

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

Choose an answer

Cash book

Journal

Ledger

Sales book

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Question # 7

Bank reconciliation is prepared by

Choose an answer

Bank

Creditors

Auditor

Accountant

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Question # 8

Any activity undertaken for the purpose of earning profit is called

Choose an answer

Dealing

Business

Performance

Duties

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Question # 9

The science and art of correctly recording business dealing in a set of books is called

Choose an answer

Book keeping

Auditing

Accounting

Recording

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