Liability are arisen from which of the following events?
Liability are arisen from which of the following events?
A. Present event
B. Future event
C. Past event
D. None of them
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Cash book is prepared by____________?
Cash book is prepared by____________?A. Bank
B. Accountant of business
C. Manager of a company
D. Bank’s cashierWhich of the following is a Real A/c?
Which of the following is a Real A/c?
A. Salary A/c
B. Bank A/c
C. Building A/c
D. Goodwill A/cIn the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is?
In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is?i. Debit Bills Receivable Account
ii. Debit Drawee‘s Account
iii. Credit Drawee‘s Account
iv. Credit Sales Account
A. Only (i) above
B. Both (ii) and (iv) above
C. Both (i) and (iii) above
D. Both (i) and (iv) above
In the books of the drawer, the accounting treatment involved on receipt of a bill of
exchange duly accepted by the drawee is debit Bills Receivable Account and credit Drawee‘s Account .i.e., the combination of statements in (i) and (iii) alternative C. is the correct answer. The other alternatives are incorrect because the combination of one correct answer with the statement of incorrect answer. Drawee‘s Account is debited (ii) as soon as a sale is made or any advances is made and Drawee‘s Account is not debited when the bill of exchange is accepted and sales is credited (iv) when the sale is made and not at the time of acceptance of bill of exchange. Thus, the alternatives A., statement (i) B., combination of (ii) and (iv) D. combination of (i) and (iv) are incorrect.Every business transaction affects at least ________ accounts?
Every business transaction affects at least ________ accounts?
A. One
B. Two
C. Three
D. InfiniteWhen bill discounted with the bank is dishonored?
When bill discounted with the bank is dishonored?A. Acceptor‘s Account is debited in the books of drawer
B. Bills Receivable Account is credited in the books of drawer
C. Bank Account is debited in the books of drawer
D. Bills Payable Account is debited in the books of drawer
When a bill discounted with bank has been dishonoured, the drawer debits the Acceptors Account (restores the acceptor status a debtor for the amount due) and credits the Bank Account or Cash Account (the amount he pays to bank). The acceptor debits the Bills Payable Account, the noting charges and credits the Drawer‘s Account (Restores the status quo of the creditor to whom he is due to pay). Hence option A. is correct. All other options are incorrect.Cost of goods sold excludes___________?
Cost of goods sold excludes___________?
A. Opening Stock
B. Carriage inward
C. Wages & Salary
D. Postage & Stamps