Question:

The Consignment Accounting is made on the following basis

A.

Cash basis

B.

Realisation basis

C.

Accrual basis

D.

None of the above

Answer» c. Accrual basis

Question:

Which of the following is artificial personal account?

A.

SBI account

B.

Wages paid account

C.

Discount received account

D.

Drawings account

Answer» a. SBI account

Question:

The process of transfer of entries from day book to ledger is called as

A.

Balancing

B.

Journal Posting

C.

Transaction

D.

Ledger Posting

Answer» d. Ledger Posting

Question:

Amount set apart to meet loss due to bad debt is a

A.

Provision

B.

Appropriation

C.

Reserve

D.

Commission

Answer» a. Provision

Question:

Any revenue expense for which a separate fund is available will be

A.

capitalised and shown in the balance sheet.

B.

debited to income and expenditure account.

C.

debited to the separate fu

Answer» c. debited to the separate fu

Question:

Payment of Bills of Exchange is received

A.

by drawer

B.

by holder in due course of due date

C.

by endorsee

D.

by bank

Answer» b. by holder in due course of due date

Question:

A sale of goods to Laxman for cash should be debited to

A.

Laxman A/c

B.

Cash A/c

C.

Sales A/c

D.

Capital A/c

Answer» b. Cash A/c

Question:

A withdrawal of cash from business by the proprietor should be credited to

A.

Drawing Account

B.

Capital Account

C.

Cash Account

D.

Purchase Account

Answer» c. Cash Account

Question:

Which balance is not considered for closing entries on t he basis of trial balance fortransferring to Trading and Profit & Loss Account?

A.

Salary and Wages

B.

Discount Received

C.

Commission Paid

D.

Cash in Hand

Answer» d. Cash in Hand

Question:

If X co-venture takes away of goods under memorandum Joint Venture Method then he willdebit these goods in his books to

A.

Sales Account

B.

Purchase Account

C.

Personal Account

D.

Joint Venture Account

Answer» c. Personal Account