Account M.C.Q (1 Marks)

Creation of provision is:

In the Purchases Book, transactions recorded are

Consider the following items:
i. Prepaid Salary
ii. Accrued Interest (Receivable)
iii. Loan (Short term)
iv. Bank Overdraft
Current Liability would include:

Which of the following will be treated as drawings:
A. Withdrawing money for payment of salary to employees
B. Withdrawing money for payment to creditors
C. Withdrawing money from the business for private expenses
D. Withdrawing money for the purchase of an asset

Sumit owns a company and purchase goods on credit from his personal funds and used the same for business purpose. What is the effect on assets

A ________ is prepared when a party is to be given a credit for reasons other than credit purchase.

Which one of the following is not a fictitious asset?

Which reserve is created out of capital profits

Accounting standards are formulated by

Cost concept means:

Credit means:

Real account (which include cash and all other assets) will usually show:

Features of reserves are:

Which of these are example(s) of short-term creditors?

The supply of goods or services in exchange of money between two parties is known as:

Which of this information is present on the invoice?
i. Party to whom goods are sold
ii. Goods sold
iii. Total sale amoun

A mathematical expression, which shows that the ____________ and __________ of a firm are equal, is known as accounting equation.

What will be the effect on the accounting equation for outstanding expenses?
(Options are in the format of assets, liabilities, capital).

Bank account is a:

Assertion (A): Accounting is merely concerned with recording of the financial events.
Reason (R): Accounting also provides insightful information that helps businesses in their decision making process.

Which of the following source documents is used for depositing cash or cheques into bank