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MCQs 1 to 10
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1. The amount charged to customer for goods or services sold is called?
Correct!
Wrong!
2. The decrease in owner’s equity attributable to business activities is called?
Correct!
Wrong!
3. The payment of cash to supplier will?
Correct!
Wrong!
4. In double entry system of book–keeping every business transaction affects?
Correct!
Wrong!
5. A person who pays out something or to whom money owes is called?
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6. The amount of salary paid to Sohail should be debited to?
Correct!
Wrong!
7. The effect of a credit entry on the payables account is to?
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Wrong!
8. A debit will reduce _____________________________, but increase ___________________________?
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Wrong!
9. How the debit side of journal effect?
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Wrong!
10. Which of the following transactions results in an immediate increase in expenses?
Correct!
Wrong!
Accounting Variation Proforma (1-10)
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MCQs 11 to 20
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11. What the nature of purchases account?
Correct!
Wrong!
12. If the goods are purchased for the purpose of resale on credit, then the following account would be credited?
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13. Expired cost of any fixed assets?
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Wrong!
14. To record goods returned inward?
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Wrong!
15. Every transaction has minimum __________________?
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Wrong!
16. What is the nature of sales?
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17. The rent paid to landlord should be credited to?
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18. When drew cash from bank Rs. 8,000 for office use bank account will be?
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Wrong!
19. The person or corporation from whom the business is purchased is?
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20. All of them are same except?
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Accounting Variation Proforma (11-20)
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References
Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.
Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
Plz correct….
3. The payment of cash to supplier will?
(a) Reduce cash balance and reduce current liabilities
(b) Increase receivables and reduce cash balance
(c) Reduce account payable and increase purchases
(d) Increase payable and reduce cash balance