Accounting Mcqs

Page No. 62

Revenue and expense accounts are referred as______________?


aNominal accounts


bReal account


cCash accounts


dBanks account


View Answer Nominal accounts

Which of the following is the normal balance of a rent expense account? Which of the following is the normal balance of a rent expense account?


aCredit balance


bCash balance


cOverdraft


dDebit balance


View Answer Debit balance

Which of the following statements is incorrect regarding capital account?


aDebit increases the capital account balance


bCredit increases the capital account balance


cFresh capital increases the capital account balance


dNet income increases the capital account balance



The normal balance of liability account is____________?


aDebit balance


bCredit balance


cCash balance


dNeither debit nor credit balance


View Answer Credit balance

The normal balance of asset account is____________?


aCredit balance


bDebit balance


cCash balance


dNeither debit nor credit balance


View Answer Debit balance

The normal balance of capital account is_____________?


aCredit balance


bDebit balance


cCash balance


dNeither debit nor credit balance


View Answer Credit balance

If debit balance is greater than creadit balance then the account blance will be__________?


aCredit balance


bDebit and credit balance


cCash balance


dDebit balance


View Answer Debit balance

Which of the following is known as the base for preparing trial balance?


aJournal


bCash account


cLedger account


dBalance sheet


View Answer Ledger account

_________ will be credited if goods are given as charity?


aCash


bCharity


cPurchases


dSales


View Answer Purchases

If debit side of a bank account is greater than credit side it indicates which of the following?


aCash at bank


bBank understatement


cBank overdraft


dBalance overstatement


View Answer Cash at bank

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