What the nature of purchases account?

Liabilities

Drawings

Expenses

Asset

Correct! Wrong!

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

Merchandising

Goods

Purchase

Creditor

Correct! Wrong!

To record goods returned inward?

Debit sales account and credit payables account

Debit receivable account and credit returns inwards account

Debit returns inwards and credit receivables account

Debit returns inward and credit payable account

Correct! Wrong!

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

Reserve taker

Stockholders

Vendor

Investors

Correct! Wrong!

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

None of given options

No record

Correct! Wrong!

The rent paid to landlord should be credited to?

Rent

Cash

Landlord

Owner equity

Correct! Wrong!

Expired cost of any fixed assets?

Decreases

Devalue

Deprecation

The purchase of an asset on credit

Correct! Wrong!

All of them are same except?

Returns outwards

Returns inward

Returns debits

Sale return

Correct! Wrong!

Every transaction has minimum __________________?

Four aspect

Three aspects

Two aspects

Five aspects

Correct! Wrong!

What is the nature of sales?

Expense

Revenue

Asset

Liability

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?

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 person or corporation from whom the business is purchased is?

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

The rent paid to landlord should be credited to?

Expired cost of any fixed assets?

All of them are same except?

Every transaction has minimum __________________?

What is the nature of sales?

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