_________ will be credited if goods are given as charity?
A. Cash
B. Charity
C. Purchases
D. Sales
Accounting MCQs / Q&A
If debit side of a bank account is greater than credit side it indicates which of the following?
If debit side of a bank account is greater than credit side it indicates which of the following?
A. Cash at bank
B. Bank understatement
C. Bank overdraft
D. Balance overstatement
If credit side of a bank account is greater than the debit side, it indicates which of the following?
If credit side of a bank account is greater than the debit side, it indicates which of the following?
A. Bank overdraft
B. Cash at bank
C. Bank balance
D. Current Asset
An account records the ___________ in the balance of an item?
An account records the ___________ in the balance of an item?
A. Increase
B. Decrease
C. Increase or decrease
D. Appreciation
Transferring entries from journal to ledger account is commonly known as____________?
Transferring entries from journal to ledger account is commonly known as____________?
A. Recording
B. Transferring
C. Posting
D. Entry making
Which of the following accounts can be classified as a real account?
Which of the following accounts can be classified as a real account?
A. Rent expenses account
B. Rent income account
C. insurance expenses account
D. Cash account
Identify the nominal account
Identify the nominal account
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses account
Double entry implies that
Double entry implies that
A. Recording entries in journal
B. Recording entries in Ledger account
C. Recording two aspects of every transaction
D. Recording every transaction in books
Net loss occurs when______________?
Net loss occurs when______________?
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than income
_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
A. Depreciation
B. Drawings
C. Outflow of cash
D. Appreciation