Q2901
Open questionWhich of the following books should be used to record purchase of furniture on credit?
Select an option to see the answer and solution.
Commerce · all questionsAccounting
Accounting
practice.
Practice every MCQ with options. Use Show answers when you want the correct option and solution.
2,968
Questions
146/149
Page
Pick an option on a question to see the right answer and solution.
Q2902
Open questionThe cash book records:
Select an option to see the answer and solution.
Q2903
Open questionOvercasting of purchases journal would affect . . . . . . . .
Select an option to see the answer and solution.
Q2904
Open questionRs. 19,500 debited to building repairs on 31st December 1993 included Rs. 9,500 as the cost of building a small room for the watch man. A bill of Rs. 800 for colour wash of the whole building during the year was not received till 1993 December. The amount to be debited to profit and loss account would be:
Select an option to see the answer and solution.
Q2905
Open questionAssets which do not carry more than normal credit risk is known as . . . . . . . .
Select an option to see the answer and solution.
Q2906
Open questionIn book-keeping posting means:
Select an option to see the answer and solution.
Q2907
Open questionSubscriptions for the current year received during the current year are to be . . . . . . . .
Select an option to see the answer and solution.
Q2908
Open questionA reserve is charge against:
Select an option to see the answer and solution.
Q2909
Open questionAccounting standard-AS-2 provides that inventories should be valued at
Select an option to see the answer and solution.
Q2910
Open questionDonations received by a non-profit organisation are usually a . . . . . . . .
Select an option to see the answer and solution.
Q2911
Open questionLedger is also called . . . . . . . .
Select an option to see the answer and solution.
Q2912
Open questionThe fundamental accounting equation, Assets = Equities + liabilities is the formal expression of:
Select an option to see the answer and solution.
Q2913
Open questionWhich of the following errors are revealed by trial balance?
Select an option to see the answer and solution.
Q2914
Open questionWhen a bill is drawn by A on B, it is debited in the books of A to . . . . . . . .
Select an option to see the answer and solution.
Q2915
Open questionA business entity has assets of Rs. 26,000 and liabilities of Rs. 6,000. Owner's equity in this case is:
Select an option to see the answer and solution.
Q2916
Open questionExcess of income over expenditure is shown on the . . . . . . . . side of income and expenditure account.
Select an option to see the answer and solution.
Q2917
Open questionFinal Account is:
Select an option to see the answer and solution.
Q2918
Open questionWhen a bill is drawn by A on B and before the date of maturity, B becomes insolvent then in the books of A it is debited to . . . . . . . .
Select an option to see the answer and solution.
Q2919
Open questionWhen an existing company takes over the business of one or more existing companies, it is called . . . . . . . .
Select an option to see the answer and solution.
Q2920
Open questionBoth assets and owners equity would be increased by . . . . . . . .
Select an option to see the answer and solution.