Cash brought by the owner to start business is called__________??
A. Capital
B. Loan
C. Drawing
D. None of these
Category: Accounting Mcqs
Identify the asset from the following:?
A. Cash and cash equivalent
B. Creditors
C. Notes payable
D. Bank loan
Credit memo or credit note No. is entered in which of the following journal??
A. General journal
B. Cash journal
C. Purchase journal
D. Sales return day book
In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life??
A. Straight-line method
B. Written down value method
C. Units-of-production method
D. Sum-of-the years’-digits method
How many parties are generally found in a Bill of Exchange??
A. 4
B. 2
C. 3
D. 5
Which of the following accounts are closed at the end of an accounting period??
A. Nominal accounts
B. Balance sheet accounts
C. Real accounts
D. None of them
Tax deducted at source A/c appears in___________??
A. Assets side
B. Liability side
C. Profit
Which of the following accounting equation is correct??
A. Cash Other assets=Capital-Liabilities
B. Capital Liabilities=Assets Income
C. Assets-Liabilities=Capital
D. Assets Capital=Liabilities
If credit side of a bank account is greater than the debit side, it indicates which of the following??
A. Bank overdraft
B. Cash at bank
C. Bank balance
D. Current Asset
