Objective Type Questions for Principle of Accounting I.Com Part 1 (c)

Objective Type Questions for Principle of Accounting I.Com Part 1 Test 3

1. The accounting equation is

 
 
 
 

2. Liabilities normally show

 
 
 

3. Bank account is

 
 
 
 

4. Dealing between two persons or things is called

 
 
 
 

5. Expense paid in advance is

 
 
 
 

6. The concession given by the supplier to the buyer on the list price of goods is known as

 
 
 
 

7. The language of business is

 
 
 
 

8. Every transaction has

 
 
 
 

9. The properties owned by the business are called

 
 
 
 

10. All those things which are purchased for resale purpose are called

 
 
 
 

11. The balance of petty cash book

 
 
 
 

12. A contra entry appears on both sides of

 
 
 
 

13. A bill of exchange is drawn by

 
 
 
 

14. The money with which, business is started is known as

 
 
 
 

15. Which one of the following is called the king of books of accounts?

 
 
 
 

16. The debts due by a business to its proprietor and others are termed as

 
 
 
 

17. A person who owes money is

 
 
 
 

18. Bill of exchange is accepted by

 
 
 
 

19. For a business concern “Capital” is a

 
 
 
 

20. Favorable balance of cash book means

 
 
 
 

21. Gross profit is equal to

 
 
 
 

22. A brief description put below each entry in the journal is called

 
 
 
 

23. The person to whom a bill is addressed called

 
 
 
 

24. Excess of debit over credit is called

 
 
 
 

25. If an account shows a debit balance, it represents

 
 
 
 

26. Cash discount is provided on

 
 
 
 

27. Carriage inward is

 
 
 
 

28. When the cheque is paid by the drawer’s Bank, it is said to be

 
 
 
 

29. Money obtained by the issue of debentures is

 
 
 
 

30. Wages paid to workers for erection of machinery are

 
 
 
 

31. Any cash or goods taken away by proprietor for his personal use called

 
 
 
 

32. Debtors are also known as

 
 
 
 

33. Commission received is

 
 
 
 

34. Subsidiary books are also called the books of

 
 
 
 

35. Real accounts are related to

 
 
 
 

Print Friendly, PDF & Email






Leave a Reply

Your email address will not be published. Required fields are marked *

Copy Protected by Chetan's WP-Copyprotect.