A. Nominal accounts
B. Balance sheet accounts
C. Real accounts
D. None of them
Which of the following accounts are closed at the end of an accounting period? Read More »
Accounting MCQs / Q&A, Ledger A. Office equipment
B. Rent expenses
C. Rent income
D. Insurance expense
Which of the following is a real account? Read More »
Accounting MCQs / Q&A, Ledger A. General journal
B. Real accounts
C. Ledger accounts
D. Cash accounts
___________ helps business to classify transactions according to their nature? Read More »
Accounting MCQs / Q&A, LedgerOffice equipments account is classified as _________ account?
A. Nominal
B. Real
C. Cash
D. Capital
Office equipments account is classified as _________ account? Read More »
Accounting MCQs / Q&A A. Nominal
B. Real
C. Cash
D. Capital
Building account is classified as _________ account? Read More »
Accounting MCQs / Q&A, Ledger A. Expenses
B. Revenues
C. Capital
D. Drawing
The real accounts are accounts of Assets, liabilities and ___________? Read More »
Accounting MCQs / Q&A, Ledger A. Nominal accounts
B. Real account
C. Cash accounts
D. Banks account
Revenue and expense accounts are referred as______________? Read More »
Accounting MCQs / Q&A, Ledger A. Credit balance
B. Cash balance
C. Overdraft
D. Debit balance
Which of the following is the normal balance of a rent expense account? Read More »
Accounting MCQs / Q&A, Ledger A. Debit increases the capital account balance
B. Credit increases the capital account balance
C. Fresh capital increases the capital account balance
D. Net income increases the capital account balance
Which of the following statements is incorrect regarding capital account? Read More »
Accounting MCQs / Q&A, Ledger A. Debit balance
B. Credit balance
C. Cash balance
D. Neither debit nor credit balance
The normal balance of liability account is____________? Read More »
Accounting MCQs / Q&A, Ledger