11th Principles of Accounting MCQS Chapter 3

Which cash is paid or received in an exchange the transaction is called:

Sale transaction 

Credit transaction

None of the above

Cash transaction

When bank column of a cash book shows a credit balance, it means:

Over draft

Under draft

Cash balance

Bank balance

Accommodation bills are drawn accepted and endorsed

Without any Consideration

for Quarter Consideration

none of the above

for some Consideration

Nominal account are related to:

Capital account

Expenses, losses and incomes

Customers, creditors etc

Assets and liabilities

A bill from the point of view of a debtor is called

Bill Payable

None of these

Bill Receivable

Bill Acceptable