Q1. What is the basis of accounting?
Cash Basis
Accrual Basis
Cant answer from the above
Q2. Which of these increases the debit side?
Assets & Expense a/c
Liability & Equity
Revenue
Q3. In double entry accounting we use..........
Positive & Negative Numbers
Only Positive numbers
Only Negative numbers
Q4. What is a simple journal entry?
An entry with
only two elements
More than two elements
More than three elements
Q5. A real account involves.......
Tangible things
Person's account
Any expense or revenues/ gains & losses
Q6. The rule for nominal account is
Dr. what comes in
Cr. what goes out
Dr. the receiver
Cr. the giver
Dr. all expenses and losses
Cr. all incomes and gains
Q7. Salaries & Wages will be transferred to
Trading account
Profit & Loss Account
Profit & Loss Appropriation a/c
Q8. A cash book is one which records
Only cash transactions
Cash & credit transactions
Cant answer from the information provided
Q9. Wages & Salaries is transferred to....
Trading account
Profit & Loss Account
Profit & Loss Appropriation Account
Q10. A Bank Reconciliation Statement is......
Items in Cash Book
Items in the Pass Book
Difference Between Cash Book & Pass Book