11th Principles of Accounting MCQS Chapter 3

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11th Principles of Accounting MCQS
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Any activity undertaken for the purpose of earning profit is called:

At the time of drawing a bill the drawer credits:
bill receivable account
Debtors account
Suppliers account
Creditors account

A Journal is generally kept on:
Vertical basis
A columnar basis
A single line basis
A row basis

When is a drawee is declared insolvent which account is to be debited in the books of drawer
None of these
Bad Debts a/c
Solvency a/c
Deficiency a/c

Subsidiary books are called the book of:
Basic entry
Original entry
Secondary entry
Temporary entry

When a bill is discharged the acceptor debits:
Creditors account
Bill receivable account
Cash account
Bill payable account

The concept of conservation will have the effect of:
Under statement of liabilities
Understatement of assets
Overstatement of assets
None of the above

A bill of exchange is a method of payment on
Reserve Basis
Cash Basis
Credit Basis
Accommodation Basis

A bill of exchange is drawn by

The transaction for which non separate book is maintained are recorded in:
Cash book
Bills receivable book
Bills payable book
Journal proper

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