Accounting Mcqs

Page No. 26

Noting charges are paid at the time of


aRenewal of the bill

✖


bRetirement of the bill

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cDishonor of the bill

✓


dNone of the above

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View Answer Dishonor of the bill

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


aDebtors

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bCreditors

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cDrawee

✖


dDrawer

✓


View Answer Drawer

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


aDrawer

✖


bDrawee

✖


cPayee

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dConsignor

✓


View Answer Consignor

Bills receivable is a


aIntangible fixed asset

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bTangible fixed asset

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cCurrent asset

✓


dInvestment

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View Answer Current asset

Recovery of bad debt is a


aRevenue expenditure

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bRevenue receipt

✓


cDeferred expenses

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dCapital receipt

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View Answer Revenue receipt

Capital expenditures are recorded in the


aTrading account

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bProfit & Loss account

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cBalance sheet

✓


dAll of the above

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View Answer Balance sheet

Joint venture account is a


aNominal account

✓


bPersonal account

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cReal account

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dDummy account

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View Answer Nominal account

Municipal tax Rs.6000 under dispute is a


aContingent liability

✓


bRevenue expenditure

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cCurrent liability

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dCurrent asset

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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

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cP & L A/c

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dTrading A/c

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View Answer Suspense A/c

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


a3

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b1

✓


c2

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d5

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View Answer 1

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