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Your email address will not be published.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.