Question:

Kasi draws a bi ll on Shyam for 5,000 and Kasi endorsed it to Ram. Ram endorese it toRahul. The payee of the bill will be

A.

Kasi

B.

Ram

C.

Shyam

D.

Rahul

Answer» d. Rahul

Question:

Which one of the following equation is correct?

A.

Owner’s Equity = Liability + Asset

B.

Owner’s Equity = Asset – Liability

C.

Liability = Owner’s Equity + Asset

D.

Asset = Owner’s Equity + Liability

Answer» b. Owner’s Equity = Asset – Liability

Question:

If unsold goods costing 20,000 is taken over by venturer at 15,000, the joint ventureaccount will be credited by

A.

20,000

B.

15,000

C.

5,000

D.

Nil

Answer» b. 15,000

Question:

Narration are given at the end of

A.

Final Accounts

B.

Each Ledger Account in Trial Balance

C.

Each Ledger Account

D.

Each Journal Entry

Answer» d. Each Journal Entry

Question:

Cost of goods purchased for resale is an example of

A.

Revenue expenditure

B.

Capital expenditure

C.

Deferred revenue expenditure

D.

None of the above

Answer» a. Revenue expenditure

Question:

If a bill drawn on 13th July 2018 for 60 days, payment must be made on

A.

15th September, 2018

B.

14th September, 2018 9

C.

13th September, 2018

D.

12th September, 2018

Answer» d. 12th September, 2018

Question:

Goods worth 272 returned by Lala passed through the books as 722. In the rectification entry

A.

Lala will be debited by 450

B.

Lala will be debited by 272

C.

Lala will be credited by 722

D.

Lala will be credited by 272

Answer» a. Lala will be debited by 450

Question:

Life Insurance Corporation Account is a

A.

Nominal Account

B.

Artificial Personal Account

C.

Representative Personal Account

D.

Real Account

Answer» b. Artificial Personal Account

Question:

When Trial Balance will not tally/mismatch?

A.

Two errors those are compensating each other.

B.

A transaction recorded twice.

C.

Taking balance to the wrong side in the Trial balance

D.

If an entry is totally missed.

Answer» c. Taking balance to the wrong side in the Trial balance

Question:

………………….. is the major source of revenue of any business.

A.

Investment

B.

Advances

C.

Loan

D.

Sales

Answer» d. Sales