11th Principles of Accounting MCQS
Accounting records of a business enterprise are required by
outsiders
all of the above
none of the above
management of the business
A bill of exchange contains:
An unconditional order
A request
A conditional order
A promise
The act result of the business activities is shown by:
Balance sheet
Profit and loss account
Profit and loss appropriation account
Trading account
How many categories of accounts are
four
five
two
three
Ahmad’s account is an example of
personal A/c
none of these
real account
nominal account
An expenditure incurred to the increases the profit earning of the concern is a:
Capital receipt
Current expenditure
Capital expenditure
Revenue expenditure
Expenses paid by a business decrease
cash & capital
capital
none of these
cash
The effect of drawing on accounting equation is
decrease in assets and increase in capital
decrease in assets and decrease in liabilities
increase in both assets & liabilities
none of these
When cash is paid to creditors it will decrease
cash & creditors
debtor
cash
capital
Disagreement in balances may arise owing to mistake or mistakes in the:
Cash book or bank statement
Cash book only
Bank statement
Bank column of the cash book only
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