Accounting Variation Proforma (11-20)

What is the nature of sales?

Expense

Revenue

Liability

Asset

Correct! Wrong!

To record goods returned inward?

Debit sales account and credit payables account

Debit returns inward and credit payable account

Debit returns inwards and credit receivables account

Debit receivable account and credit returns inwards account

Correct! Wrong!

What the nature of purchases account?

Drawings

Liabilities

Asset

Expenses

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!

The rent paid to landlord should be credited to?

Owner equity

Landlord

Cash

Rent

Correct! Wrong!

All of them are same except?

Returns outwards

Returns inward

Sale return

Returns debits

Correct! Wrong!

Expired cost of any fixed assets?

The purchase of an asset on credit

Decreases

Deprecation

Devalue

Correct! Wrong!

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

Vendor

Reserve taker

Stockholders

Investors

Correct! Wrong!

Every transaction has minimum __________________?

Five aspects

Four aspect

Two aspects

Three aspects

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!

Accounting Variation Proforma (11-20)

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

Accounting Variation Proforma (11-20)

What is the nature of sales?

To record goods returned inward?

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?

The rent paid to landlord should be credited to?

All of them are same except?

Expired cost of any fixed assets?

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?

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