The amount invested by the proprietor to start the business is called:?
A. Capital
B. Business
C. Drawings
D. All of them
Category: Accounting Mcqs
X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________??
A. 4-4-2013
B. 3-4-2013
C. 1-4-2013
D. 31-3-2013
Which of the following is not a method of charging depreciation??
A. Straight line Method
B. Written down value Method
C. Discounted present value Method
D. Sum of digits Method
The standard format of journal does not include which of the following??
A. Assets column
B. Date column
C. Description column
D. Amount column
Which of the following is a capital expenditure??
A. Repair of plant and machinery
B. Salary paid to workers
C. Cost of stand by equipment
D. Annual whitewash of the office building
Net sales equals, sales minus:?
A. Return outwords
B. Return inwards
C. cost of goods sold
D. carriage on sales
Cash book with cash and discount column is mostly referred as________??
A. Simple cash book
B. Two column cash book
C. Three column cash book
D. Petty cash book
The creation of provision for doubtful debts given as an adjustment requires____________??
A. Debit Profit and Loss Account and deduct the provision from debtors
B. Credit Profit
Depreciation decreases____________??
A. Liabilities
B. Cash
C. Bank
D. Capital
Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books??
A. Cash payments journal
B. Cash receipts journal
C. Purchases return journal
D. General journal
