11th Principles of Accounting MCQS Chapter 2

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11th Principles of Accounting MCQS

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

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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
Balance Sheet
Trial Balance

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

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