Accounting Variation Proforma 2 11-20

The rent paid to landlord should be credited to?

Owner equity

Rent

Cash

Landlord

Correct! Wrong!

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

Stockholders

Investors

Vendor

Reserve taker

Correct! Wrong!

What is the nature of sales?

Expense

Liability

Revenue

Asset

Correct! Wrong!

What the nature of purchases account?

Expenses

Drawings

Liabilities

Asset

Correct! Wrong!

Every transaction has minimum __________________?

Five aspects

Three aspects

Four aspect

Two aspects

Correct! Wrong!

To record goods returned inward?

Debit sales account and credit payables account

Debit returns inward and credit payable account

Debit receivable account and credit returns inwards account

Debit returns inwards and credit receivables account

Correct! Wrong!

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

Goods

Purchase

Creditor

Merchandising

Correct! Wrong!

All of them are same except?

Returns inward

Returns outwards

Sale return

Returns debits

Correct! Wrong!

Expired cost of any fixed assets?

The purchase of an asset on credit

Devalue

Deprecation

Decreases

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!

Accounting Variation Proforma 2 11-20

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

Accounting Variation Proforma 2 11-20

The rent paid to landlord should be credited to?

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

What is the nature of sales?

What the nature of purchases account?

Every transaction has minimum __________________?

To record goods returned inward?

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

All of them are same except?

Expired cost of any fixed assets?

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

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