Accounting Mcqs

Page No. 26

Noting charges are paid at the time of


aRenewal of the bill


bRetirement of the bill


cDishonor of the bill


dNone of the above


View Answer Dishonor of the bill

Endorsement, discounting and collection of bills of exchange is made by


aDebtors


bCreditors


cDrawee


dDrawer


View Answer Drawer

The party who sends the goods for sales on fixed commission basis is known as


aDrawer


bDrawee


cPayee


dConsignor


View Answer Consignor

Bills receivable is a


aIntangible fixed asset


bTangible fixed asset


cCurrent asset


dInvestment


View Answer Current asset

Recovery of bad debt is a


aRevenue expenditure


bRevenue receipt


cDeferred expenses


dCapital receipt


View Answer Revenue receipt

Capital expenditures are recorded in the


aTrading account


bProfit & Loss account


cBalance sheet


dAll of the above


View Answer Balance sheet

Joint venture account is a


aNominal account


bPersonal account


cReal account


dDummy account


View Answer Nominal account

Municipal tax Rs.6000 under dispute is a


aContingent liability


bRevenue expenditure


cCurrent liability


dCurrent asset


View Answer Contingent liability

Difference of total of debit and credit side of the trial balance is transferred to


aSuspense A/c


bDifference A/c


cP & L A/c


dTrading A/c


View Answer Suspense A/c

There must be a gap of at least ___ month between two calls


a3


b1


c2


d5


View Answer 1

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Page 26 of 71

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