Accounting Variation Proforma 2 11-20

What the nature of purchases account?

Asset

Liabilities

Drawings

Expenses

Correct! Wrong!

What is the nature of sales?

Liability

Revenue

Asset

Expense

Correct! Wrong!

Expired cost of any fixed assets?

Decreases

Deprecation

Devalue

The purchase of an asset on credit

Correct! Wrong!

All of them are same except?

Returns outwards

Returns debits

Sale return

Returns inward

Correct! Wrong!

Every transaction has minimum __________________?

Three aspects

Two aspects

Four aspect

Five aspects

Correct! Wrong!

The person or corporation from whom the business is purchased is?

Investors

Stockholders

Reserve taker

Vendor

Correct! Wrong!

If the goods are purchased for the purpose of resale on credit, then the following account would be credited?

Merchandising

Goods

Creditor

Purchase

Correct! Wrong!

When drew cash from bank Rs. 8,000 for office use bank account will be?

No record

None of given options

Correct! Wrong!

To record goods returned inward?

Debit receivable account and credit returns inwards account

Debit sales account and credit payables account

Debit returns inwards and credit receivables account

Debit returns inward and credit payable account

Correct! Wrong!

The rent paid to landlord should be credited to?

Landlord

Cash

Rent

Owner equity

Correct! Wrong!

Accounting Variation Proforma 2 11-20

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

Accounting Variation Proforma 2 11-20

What the nature of purchases account?

What is the nature of sales?

Expired cost of any fixed assets?

All of them are same except?

Every transaction has minimum __________________?

The person or corporation from whom the business is purchased is?

If the goods are purchased for the purpose of resale on credit, then the following account would be credited?

When drew cash from bank Rs. 8,000 for office use bank account will be?

To record goods returned inward?

The rent paid to landlord should be credited to?

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