Category: Accounting Mcqs

A. Purchase return
B. Customer return 
C. Sales return 
D. Inventory return

A. Equity
B. Sale return 
C. Inventory 
D. Purchases

A. Yes 
B. No 
C. Transactions can’t be omitted
D. none of these

A. If a Trial Balance tallies, it always means that none of the transactions has been completely omitted
B. A Trial Balance will not tally if a transaction is omitted
C. A customer to whom goods have been sold on credit cannot avail himself of a cash discount 
D. A credit balance in the Pass Book indicates excess of deposits over withdrawals 

A. The drawer of the bill 
B. The person responsible for dishonour 
C. The holder of the bill
D. The endorser of the bill 

A. Credit balance of Provision for Bad Debts Account 
B. Debit balance of Provision for Bad Debts Account 
C. Debit balance of Bad Debts Account
D. Debit balance of Discount on Debtors Account 

A. Purchase register 
B. Purchase A/c 
C. Cash purchase A/c
D. Credit purchase A/c

A. Cash payments
B. Cash receipts 
C. Cash payments and cash receipts 
D. Neither cash payments nor cash receipts

A. The Trial Balance is prepared after preparing the Profit and Loss Account
B. The Trial Balance shows only balances of Assets and Liabilities
C. The Trial Balance shows only nominal account balances 
D. The Trial Balance has no statutory importance from the point of view of law 

A. Resources 
B. Obligations  
C. Future benefits
D. Expenses