Time Left : 00:00

Question Numbers



  • CURRENT QUESTION
  • NOT VISITED
  • ATTEMPTED
  • NOT ATTEMPTED
Back To Main Page
1. Income earned but not received is shown in

A

Asset side of the balance sheet

B

Liability of the balance sheet

C

Profit and loss account (Dr. balance)

D

None of the above

2. When goods are returned to a supplier

A

A debit note is sent to him

B

An account sale is sent to him

C

A receipt is sent to him

D

Either of B or C

3. Trade discount allowed at the time of sale of goods is

A

Recorded in Journal

B

Not recorded on book of accounts

C

Record in cash book

D

Recorded in sales book

4. Which of the following is long term liability

A

Outstanding expenses

B

Share capital

C

Debenture

D

All of the above

5. Drawing a type of

A

Expenses

B

Withdrawal of capital

C

Income

D

None of the above

6. Which of the following is not an intangible asset

A

Land

B

Goodwil

C

Copyright

D

Patent rights

7. Profit is a part of

A

Income

B

Owner`s capital

C

Assets

D

All of the above

8. Which reserve is not shown in balance sheet

A

Secret reserve

B

Capital reserve

C

General reserve

D

All of the above

9. Which of the following is a non cash expense

A

Depreciation

B

Salary paid

C

Rent paid

D

Carriage

10. Which of the following is a fixed asset

A

Cash

B

Building

C

Stock

D

Debtors

11. Which of the following is a current asset

A

Plant & machinery

B

Land & building

C

Debtors

D

Furniture

12. Purchase of goods on credit

A

Increased liability

B

Decrease assets

C

Decrease in total assets

D

No effect of total of assets

13. Purchase of office equipment on credit will lead to

A

Decrease in Capital

B

Decrease in liability

C

Increase in assets

D

All of the above

14. Purchase of building from bank

A

Decrease in total liabilities

B

Increase in total assets

C

Decrease in total assets

D

No effect of total asets

15. Journal is a book of

A

Original entry

B

All cash transactions

C

Secondary Entry

D

All non cash transaction

16. If two or more transactions of the same nature are journalized together having wither the debit of the credit account common is known as

A

Compound journal entry

B

Separate journal entry

C

Posting

D

None of the above

17. In journal there are

A

4 columns

B

5 columns

C

6 columns

D

7 columns

18. Income tax paid by the sole proprietor from business bank account is debited to

A

Income tax account

B

Bank Account

C

Capital Account

D

Not to be shown in the business books

19. Recording of a transaction in a journal is called

A

Posting

B

Entry

C

Transfer

D

Ruler

20. Narrations are given at the end of

A

Final accounts

B

Trial balance

C

Each Ledger account

D

Each journal entry