Accounting Mcqs

Page No. 20

Which of the following instruments is not a negotiable instrument?


aBearer cheque


bPromissory note


cCrossed cheque


dBills of exchange


View Answer Crossed cheque

Opening and closing inventories are recorded in


aJournal proper


bPurchase book


cSales book


dBill receivable book


View Answer Journal proper

Normally the following accounts are balanced


aReal account and Nominal account


bPersonal account and Real account


cOnly Nominal account


dAll accounts



Different accounting policies can be adopted in the following area(s)


aValuation of inventories


bValuation of Investments


cCalculation of depreciation


dAll of the above


View Answer All of the above

The accounting equation is based on


aDual aspect


bBusiness entity


cGoing concern concept


dAll of the above


View Answer Dual aspect

Suspense account given in the trial balance will be entered in the


aManufacturing account


bBalance sheet


cTrading account


dProfit and loss account


View Answer Balance sheet

Which of the following sets of expense are the direct expense of business?


aWages, Carriage Inward, Octroi


bPostage, Wages, Carriage Inward


cPurchases, Wages, Coal Expenses


dBoth 'a' and 'c'


View Answer Both 'a' and 'c'

The person from whom the goods are purchased on credit are called


aDebtors


bCreditors


cAccounts receivable


dNone of the above


View Answer Creditors

Those transactions for which there is no separate book, are recorded in the


aCash book


bBills receivable book


cBills payable book


dJournal Proper


View Answer Journal Proper

A document sent to customer when he returns the goods is called


aPromissory note


bInvoice


cCredit note


dDebit note


View Answer Credit note

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