11th Principles of Accounting MCQS Chapter 2

Which of the following normally has a credit balance

Machinery a/c

Stock a/c

Purchases a/c

Sales a/c

A trial balance can be constructed by

Five Methods

Three Methods

Two Methods

Four Methods

The balance of the trading account is the transferred to:

Balance sheet

Work sheet

Profit and loss account

Position statement

Bank account is a:

Real account

Nominal account

None of these

Personal account

The expenditures which reduce revenue (profit) of the business are:

Revenue expenditures

Fixed expenditures

Capital expenditure

Future expenditures

Trading account is the account which is prepared to determine the:

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

Only gross profit of the business

??? ?? ?? ????? ??? ?????? ??????? ?? ????? ????? ??? ??? ??? ???? ?? ??????? ???? ???? ?????? ??? ?? ????? ?? ???? ???

????? ????? ????? ?????

????? ????? ????? ?????

????? ????? ????

????? ???

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

Machinery a/c

Wages a/c

Raheel a/c

Repair a/c

The Principle book of accounts is

Journal

Balance Sheet

Trial Balance

Ledger

Transaction are recorded data wise, so journal is also called:

Voucher

Transaction book

Chronological book

Entry book