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- 1. Multiple Choice
Cash paid to Nadeem will affect: (2015)
Cash and Owner's Equity
Cash and Creditor
Cash and Debtor
Cash and Goods
- 2. Multiple Choice
"T" account is the simplest form of a: (2015)
Journal
Ledger
Trial balance
Final account
- 3. Multiple Choice
Credit the increase in: (2015)
Assets, Expenses
Assets, Capital and Liabilities
Revenue, Capital and Liabilities
Expenses, Capital and Liabilities
- 4. Multiple Choice
A business transaction affects: (2015)
At least one account
At least two accounts
Maximum two accounts
Maximum three accounts
- 5. Multiple Choice
If the two sides of an account are equal then account will show: (2015)
Debit balance
Zero balance
Credit balance
Debit, Credit balance
- 6. Multiple Choice
Left hand side of an account is called: (2015)
Debit side
Credit side
Both A and B
None of these
- 7. Multiple Choice
Discount allowed to Pirbhat will be credited to: (2016)
Pirbhat's account
Cash account
Discount allowed account
None of these
- 8. Multiple Choice
The process of recording transactions in ledger is called: (2016)
Recording
Journalizing
Transferring
Posting
- 9. Multiple Choice
Ledger is a book in which: (2016)
Only personal and cash accounts are opened
Only real accounts are opened
Only nominal accounts are opened
All, real, nominal and personal accounts are opened
- 10. Multiple Choice
Cash sales to Ahmed Raza will be posted to debit side of: (2016)
Ahmed Raza's account
Sales account
Cash account
None of these
- 11. Multiple Choice
Excess of credit over debit is called: (2017)
Credit balance
Debit balance
Closing balance
Opening balance
- 12. Multiple Choice
Salary paid to wasim should be debited to: (2017)
Wasim account
Cash account
Salary account
Bank account
- 13. Multiple Choice
If the owner takes goods from the business for personal use, the account to be credited is: (2017)
Owner Account
Bank Account
Purchases Account
Cash Account
- 14. Multiple Choice
Assets, which have physical existence, are called: (2017)
Intangible assets
Tangible assets
Quick assets
Current assets
- 15. Multiple Choice
Purchased goods on credit and on cash will affect: (2019)
Cash of goods
Cash of creditors
Cash, creditors and owner's equity
Cash, goods and creditors
- 16. Multiple Choice
Which account should be debited to purchase furniture for the domestic use of the owner? (2019)
Purchases account
Drawings account
Proprietor's Personal account
Furniture account
- 17. Multiple Choice
A motor car lost in fire should be debited to: (2019)
Motor car account
Loss by fire account
Purchases account
Drawings account
- 18. Multiple Choice
The amount invested into the business by the owner is called; (2019)
Cash account
Real account
Nominal account
Capital account
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