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- 1. Multiple Choice
The originator of Double Entry System
Lucas Pacioli
Marshall
Pikles
Batliboi
- 2. Multiple Choice
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
- 3. Multiple Choice
Establishment expenses of a new machine will be debited in ............. account
Expenses
Machine
Profit & Loss
None of the above
- 4. Multiple Choice
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
- 5. Multiple Choice
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
- 6. Multiple Choice
Outstanding rent account is personal account
Yes
No
- 7. Multiple Choice
Object to keep fixed assets is
Long-term use
Resale
Liquidity
All of the above
- 8. Multiple Choice
The loss on sale of furniture is debited to ........... account
Profit and loss
Furniture
Depriciation
Trading
- 9. Multiple Choice
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
- 10. Multiple Choice
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
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