Accounting Mcqs

Page No. 20

Which of the following instruments is not a negotiable instrument?


aBearer cheque

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bPromissory note

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cCrossed cheque

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dBills of exchange

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View Answer Crossed cheque

Opening and closing inventories are recorded in


aJournal proper

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bPurchase book

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cSales book

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dBill receivable book

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View Answer Journal proper

Normally the following accounts are balanced


aReal account and Nominal account

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bPersonal account and Real account

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cOnly Nominal account

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dAll accounts

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


aValuation of inventories

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bValuation of Investments

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cCalculation of depreciation

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dAll of the above

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View Answer All of the above

The accounting equation is based on


aDual aspect

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bBusiness entity

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cGoing concern concept

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dAll of the above

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View Answer Dual aspect

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


aManufacturing account

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bBalance sheet

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cTrading account

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dProfit and loss account

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View Answer Balance sheet

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


aWages, Carriage Inward, Octroi

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bPostage, Wages, Carriage Inward

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cPurchases, Wages, Coal Expenses

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dBoth 'a' and 'c'

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View Answer Both 'a' and 'c'

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


aDebtors

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bCreditors

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cAccounts receivable

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dNone of the above

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View Answer Creditors

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


aCash book

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bBills receivable book

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cBills payable book

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dJournal Proper

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View Answer Journal Proper

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


aPromissory note

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bInvoice

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cCredit note

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dDebit note

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View Answer Credit note

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