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 Note: The…

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…

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 Note: The above multiple-choice question is for all general…

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 Note: The above multiple-choice question is for all general…

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 Note: The above multiple-choice question is for all general and…

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 Note:…

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…

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 Note: The above multiple-choice question is for all general and Competitive Exams in India. 

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.…

Question: ………………….. is the major source of revenue of any business. A. Investment B. Advances C. Loan D. Sales Answer» d. Sales Note: The above multiple-choice question is for all general and Competitive Exams in India.