Q.1
Term 'Credit' means _____ by the business
Q.2
When a liability is reduced or decreased, it is recorded on the:
Q.3
When capital is increased by an amount, it is recorded on the:
Q.4
The process of recording in Journal is done
Q.5
General Journal is a book of _____ entries
Q.6
Which of the following is the effect on net income if a business decreases its provision for bad debts?
Q.7
Which of the following does not appear in Balance sheet?
Q.8
Introduction of capital by owner of business is recorded on which side of a cash book?
Q.9
Every business transaction affects at least ____ accounts
Q.10
Which of the following account with normal balance is shown at the credit side of a trial balance?
Q.11
Accrued expenses are considered as
Q.12
Prepaid expenses are considered as
Q.13
Earned but not yet received income is treated as
Q.14
Revenue earned but not yet received by the business is known as
Q.15
Which of the following is not regarded as the fundamental concept that is identified by IAS-1?
Q.16
Identify the nominal account
Q.17
A higher inventory ratio indicates
Q.18
Bank Reconciliation statement is the comparision of a bank statement (sent by bank) with the
Q.19
A cheque returned by bank marked "NSF" means that
Q.20
Postage stamps on hand are considered as
Q.21
Petty cash fund is supposed to be replenished
Q.22
A credit balance in cash book indicates
Q.23
Cash discount is allowed on ______ repayment of debt
Q.24
Cash book is prepared by
Q.25
Bank Reconciliation statement is prepared by
Q.26
Unpresented cheques are also referred to as
Q.27
Favourable balance of cash book implies
Q.28
A cash deposit made by business appears on the bank statement as ____ balance
Q.29
The closing balance of petty cash book is considered as
Q.30
Payment of rent expenses is recorded on which side of cash book?
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