Account M.C.Q (1 Marks)

C
those whose collection of credit is certain
Explanation:
The debtors are sold goods on credit. If the money is sure to be collected from the debtors
in other words if the collection of the debt is certain then those debts are known as good
debts.

A
i, ii and iii
Explanation:
Purchase book records only credit purchase of goods. All credit purchases of goods are recorded in the purchases journal whereas cash purchases are recorded in the cash book. Other purchases such as purchases of office equipment, furniture, building, are recorded in the journal proper if purchased on credit, or in the cash book if purchased for cash.

B
Debtor
Explanation:
The person, firm or institution who does not pay the price in cash for the goods purchased
or the services received is called debtor.

A
Bills Payable
Explanation:
Bills Payable

C
Rs.2,50,000
Explanation:
As per Accounting Equation:-
Assets = Capital + Liabilities
5,00,000 = Capital + 50,000
Therefore capital should be = 5,00,000 - 50,000 = Rs 4,50,000
Closing capital = opening capital + revenue - expenses
4,50,000 = 2,00,000 + 5,00,000 - Expenses
Expenses = 7,00,000 - 4,50,000 = Rs 2,50,000

B
Sales Return A/c - Dr.
Explanation:
When a customer returns goods it has bought from a business a credit note is issued by the
business and details are recorded in the sales return daybook.

B
Goodwill
Explanation:
Goodwill is considered as an intangible (or non-current) asset because it is not a physical
asset like buildings or equipment. Hence it is not tangible assets. 

B
Decreases the divisible profits
Explanation:
Decreases the divisible profits 

C
Consistency
Explanation:
According to Consistency Concept, the same accounting methods should be used each and every year.

C
Either Cash or Accrual Basis
Explanation:
Either Cash or Accrual Basis 

B
Drawings A/c
Explanation:
Drawings A/c

C
Assets, Capital, Liabilities, Revenue and Expenses
Explanation:
Assets, Capital, Liabilities, Revenue and Expenses 

B
None of these
Explanation:
None of these 

C
receivable, debtors
Explanation:
receivable, debtors 

D
Bookkeeping
Explanation:
Bookkeeping

D
when credit is given to the account
Explanation:
A credit note or credit memo is a commercial document issued by a seller to a buyer.Credit notes act as a source document for the sales return journal. 

A
Assets
Explanation:
Assets are the property owned by business having monetary value. Assets can be in tangible assets or intangible assets.
Example:- Cash, Bank, Stock, Debtors, Goodwill Etc.

B
60000
Explanation:
Total Assets= Onwers equity + Creditors Equity
Total assets= 20000+40000
Total assets= 60000

C
Dr. all expenses and Cr . all gains
Explanation:
Dr. all expenses and Cr. all gains

C
A is true but R is false.
Explanation:
A is true but R is false.
Goods taken by proprietor for his personal use are also recorded as drawing in the books of account. they are of financial in nature, amount is spent by the organisation on the purchase of that goods in the business.

C
Invoice
Explanation:
Invoice