Account M.C.Q (1 Marks)

______ are created in business for rainy day

A note sent by the buyer on the return of goods is:

The things or properties which helps in the smooth functioning of the business and which are owned by the business are called ________ of the business.

Stock is valued at:

An increase in provision for bad debt will

If XYZ Electronics Ltd. purchases 20 TV @ ₹2,000 per piece and 15 tape recorders @ ₹12,500 per piece. There was a trade discount of 20%. What will be the amount recorded in the purchase book?

The unsold goods left at the end of the year is called:

Profit on sale of assets is used to create:

To promote worldwide uniformity in published accounts, the International Accounting Standards Committee (IASC) has been set up in June

Under which system of accounting transactions is recorded in the books of accounts on the receipt/payment of cash:

Consider the following statements with regard to the accounting treatment of various
accounts:
i. Increase in asset is debited and decrease in asset is credited.
ii. Increase in expenses/losses is debited and decrease in expenses/ losses is credited.
iii. Increase in liabilities is credited and decrease in liabilities is debited.
iv. Increase in capital is credited and decrease in capital is debited.
Identify the correct statement/statements:

Drawings Account is a

________ reserve may or may not involve any receipts of cash.

Which is the last step of accounting as a process of information:

Which of the following is an advantage of accounting?

Cash memo is prepared when goods are sold

Source Documents of Accounting are:

Which equation is correct out of the following:
i. Liabilities = Assets + Capital
ii. Assets = Liabilities - Capital
iii. Capital = Assets + Liabilities
iv. Capital = Assets - Liabilities

Goods purchased on credit will increase the

Assertion (A): Accounting has a wider scope than book-keeping.
Reason (R): Book-keeping involves recording, classifying, summarizing and analysing the financial transactions.

Which voucher is prepared for the payment of salary, purchase of goods, payment made to any creditor etc.