An entry which is made on both sides of a cash book is called__________??
A. Cash entry
B. Contra entry
C. Payment entry
D. Compound entry
Category: Accounting Mcqs
Which of the following equations is correct??
A. Gross Profit Sales Direct expenses Purchases Closing stock = Opening stock
B. Gross Profit Sales Direct expenses Purchases- Closing stock = Opening Stock
C. Gross Profit Opening Stock Direct expenses Purchases- Closing stock = Sales
D. Gross Profit – Opening Stock Direct expenses Purchases Closing stock = Sales
Discount received is recorded on which of the following side of a cash book??
A. Receipts
B. Payments
C. Incomes
D. Expenditures
A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is??
A. 30th June,2018
B. 1st July,2018
C. 4th July,2018
D. 4th August,2018
Find out the value of assets if: Liabilities=$5000 and Capital=$1000?
A. $4000
B. $6000
C. $7000
D. $3000
Which of the following is a representative Personal A/c??
A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Bad debts A/c
The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to?
A. Discounting of the bill with the bank
B. Payment of the bill on due date
C. Remitting or receiving the amount
D. Sending the bill to bank for collection
Which of the following will be debited if a business purchases goods on credit??
A. Cash
B. Debtor
C. Creditor
D. Purchases
During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true??
A. The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
B. The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
C. The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
D. The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013
When a person purchasing goods on credit he becomes a_________in the books of the seller??
A. Debtor
B. Creditor
C. Defaulter
D. Offender
