Introduction capital by owner of business is recorded on which side of a cash book??
A. Receipts
B. Payments
C. Incomes
D. Expenditures
Category: Accounting Mcqs
Capital of a business decreases if there is an increase in___________??
A. Drawings
B. Income
C. Gains
D. Fresh capital
The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to??
A. General Reserve A/c
B. Profit
The systems of accounting are _____________??
A. Two
B. Three
C. Five
D. Six
Which of the following statements is false ? select the false from below options?
A. Balance Sheet discloses financial position of the business
B. A person who owes to the business is called Debtor
C. Decrease in the value of the asset could decrease the value of a liability
D. Assets are to be shown in the Balance Sheet at the realizable value
An average cost is also known as________??
A. Variable cost
B. Unit cost
C. Total cost
D. Fixed cost
Capital expenses are shown in___________??
A. Balance Sheet
B. Profit and Loss A/c
C. Trading A/c
D. None of these
Cash discount is allowed on _______ repayment of debt.?
A. Lump sum
B. Prompt
C. Actual
D. None of them
Total depreciation of an asset cannot exceed its:?
A. Scrap value
B. Residual value
C. Market value
D. Depreciable value
Transferring entries from journal to ledger account is commonly known as____________??
A. Recording
B. Transferring
C. Posting
D. Entry making
