Accounting Variation Proforma MCQs
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MCQs 1 to 10
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How the debit side of journal effect?
The amount of salary paid to Sohail should be debited to?
A debit will reduce _____________________________, but increase ___________________________?
A person who pays out something or to whom money owes is called?
The effect of a credit entry on the payables account is to?
The amount charged to customer for goods or services sold is called?
In double entry system of book–keeping every business transaction affects?
The payment of cash to supplier will?
The decrease in owner’s equity attributable to business activities is called?
Which of the following transactions results in an immediate increase in expenses?
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MCQs 11 to 20
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All of them are same except?
The person or corporation from whom the business is purchased is?
Every transaction has minimum __________________?
When drew cash from bank Rs. 8,000 for office use bank account will be?
If the goods are purchased for the purpose of resale on credit, then the following account would be credited?
To record goods returned inward?
The rent paid to landlord should be credited to?
What the nature of purchases account?
What is the nature of sales?
Expired cost of any fixed assets?
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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