If debit side of a ledger is greater than credit side,
the balance will be called as:
Debit Balance
Credit Balance
Excess Balance
Which of the following item is found in a Journal
entry? (1) Date of each transaction (2) Rupee amount of each debit and credit
(3) Explanation of each transaction
1 only
1 & 2 only
2 & 3 only
1, 2 & 3
____________ is NOT one of the legal forms of
business?
Partnership
Corporation
Joint Tenancy
Sole Proprietorship
In accounting accumulated depreciation is:
Treated as a
reserve
Treated as a contra asset
Treated as a surplus
Treated as an expense
The amount charged to depreciation goes on declining
in:
Depreciation fixed method
Annuity method
Written-down
value method
Straight line depreciation method
Which of the following is a debit entry on the Bank
Statement that might not appear in the Cash Book?
A standing order
An uncredited
cheque
A credit transfer
An unpresented cheque
Upon checking the Bank Statement against the Cash
Book, an amount of Rs.120 for dividends from SIA had not been entered in the
Cash Book. Which of the following entries should be recorded to rectify the
mistake?
Dr. Bank Account and Cr. Dividends Account
Dr. SIA Account and Cr. Bank Account
Dr. Dividends Account and Cr. Bank Account
Dr. Bank
Account and Cr. SIA Account
Which of the following statements is also called as
position statement or a statement of condition?
Income Statement
Cost of Goods sold
Statement of owner’s equity
Balance Sheet
All of the following are advantages of opening an
account with Bank EXCEPT:
Money is kept safe—there is no risk of theft of
dacoity.
Cash in hand at any time can easily be ascertained
through Cash Book balance.
Money can be remitted from one place to another place
very quickly and at reduced extent.
Bank enables
its customers to buy goods on credit through Letter of Credit.
Which of the following is NOT a content of Cost of
goods sold?
Opening Stock
Sales
Purchases
Closing Stock
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