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- Multiple ChoicePlease save your changes before editing any questions.
The originator of Double Entry System
Lucas Pacioli
Marshall
Pikles
Batliboi
- Multiple ChoicePlease save your changes before editing any questions.
According to the concept of conservation, the stock-in-trade is valued at:
Cost Price
Market Price
Cost or Market which ever is higher
Cost or Market which ever is lower
- Multiple ChoicePlease save your changes before editing any questions.
Establishment expenses of a new machine will be debited in ............. account
Expenses
Machine
Profit & Loss
None of the above
- Multiple ChoicePlease save your changes before editing any questions.
On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -
Debited by Rs. 1425
Credited by Rs. 1425
Credited by Rs. 1500
Debited by Rs. 1575
- Multiple ChoicePlease save your changes before editing any questions.
Which account of the following will be credited on giving of goods in donation-
Sales A/c
Purchases A/c
Donation A/c
Cash A/c
- Multiple ChoicePlease save your changes before editing any questions.
Outstanding rent account is personal account
Yes
No
- Multiple ChoicePlease save your changes before editing any questions.
Object to keep fixed assets is
Long-term use
Resale
Liquidity
All of the above
- Multiple ChoicePlease save your changes before editing any questions.
The loss on sale of furniture is debited to ........... account
Profit and loss
Furniture
Depriciation
Trading
- Multiple ChoicePlease save your changes before editing any questions.
If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........
Trading A/c
Profit & Loss A/c
Assets
Liabilities
- Multiple ChoicePlease save your changes before editing any questions.
If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-
Rs. 4,40,000
Rs. 4,70,000
Rs. 4,00,000
Rs. 5,00,000