DEBIT signifies:A. Increase in Assets accountB. Decrease in Liability accountC. Decrease in Capital accountD. All of the above
  • A
  • B
  • C
  • D
Bank overdraft account is a :A. Personal accountB. Real accountC. Nominal accountD. Representative personal account
  • A
  • B
  • C
  • D
Purchase of second- hand computer on credit by a cloth merchant will be recorded in:A. JournalB. Cash BookC. Purchase BookD. None of the above
  • A
  • B
  • C
  • D
Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use. The account to be credited isA. Sales A/cB. Drawing A/cC. Purchases A/cD. Expenses A/c
  • A
  • B
  • C
  • D
Cash account is aA. Personal accountB. Real accountC. Nominal accountD. None of the above
  • A
  • B
  • C
  • D
‘A’ owed Rs. 25,000 to ‘B’ ‘A’ becomes insolvent. ‘B’ got A’s computer valuing Rs. 11,500 in his full settlement. Journal Entry will be passed in the books of ‘B’.A. Purchase A/c Dr. 11,500 To A 11,500B. Computer Dr. 11,500 Bad-debts Dr. 13,500 To A 25,000C. Computer A/c Dr. 25,000 To A 25,000D. Computer A/c Dr. 11,500 Purchases A/c Dr. 13,500 To A 25,000
  • A
  • B
  • C
  • D
Debit the receiver and credit the giver is correct for.A. PersonalB. RealC. NominalD. Hypothetical
  • A
  • B
  • C
  • D
Unexpired expenses is ______account.A. RealB. NominalC. PersonalD. Representative Personal
  • A
  • B
  • C
  • D
Recovery of bad debts written off previously will be ?A. Credited to debtors A/cB. Adjusted against provision for doubtful debtsC. Debited to debtors A/cD. Credited to Profit and Loss A/c
  • A
  • B
  • C
  • D
The rule regarding PERSONAL ACCOUNT is :A. Debit what comes in, credit what goes out.B. Debit all expenses and losses, credit all incomes and gainsC. Debit the receiver, credit the giverD. None
  • A
  • B
  • C
  • D
Sunset Tours has a Rs. 3,500 account receivable from Mohan. On January 20, the Rotary makes a partial payment of Rs. 2100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:A. A credit to the cash received account of Rs. 2,100.B. A credit to the Account receivable account of Rs. 2,100.C. A debit to the cash account of Rs. 1,400.D. A debit to the Account receivable account of Rs. 1,400.
  • A
  • B
  • C
  • D
The rent paid to landlord is credited to:A. Landlord`s AccountB. Rent AccountC. Cash AccountD. None of these
  • A
  • B
  • C
  • D
In case of bad debts, which account is credited?A. Bad debts AccountB. Creditors AccountC. Debtors AccountD. None of these
  • A
  • B
  • C
  • D
Capital of business is Rs. 75,000 and liability is Rs. 25,000 then total assets of business would be:A. Rs. 1,00,000B. Rs. 15,000C. Rs. 75,000D. Rs. 50,000
  • A
  • B
  • C
  • D
Narration is given along with journal entry:A. To signify the impact of entry on profitability.B. To disclose the profit or loss of the transaction.C. To give a precise explanation for proper understanding of the entry.D. To secretly understanding the inner meaning of entries.
  • A
  • B
  • C
  • D
Which account is the odd one out?A. Office furniture & EquipmentB. Freehold land and BuildingsC. Inventory of materialsD. Plant and Machinery
  • A
  • B
  • C
  • D
Salaries are :A. RevenueB. ExpenseC. AssetD. Liability
  • A
  • B
  • C
  • D
Accounts payable :A. RevenueB. ExpenseC. AssetD. Liability
  • A
  • B
  • C
  • D
Proprietor accountA. PersonalB. RealC. NominalD. None of the above
  • A
  • B
  • C
  • D
“Debit the receiver and credit the giver” is the golden rule for which type of account?A. Real A/cB. Personal A/cC. Nominal A/cD. None of these
  • A
  • B
  • C
  • D
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