11th Principles of Accounting MCQS Chapter 5

Income tax paid is a

Business Liability

Personal Expense

Business Revenue

Business Expense

Loss of good by fire should be credited to:

Capital account

Sales account

Purchase account

Loss by goods by fire account

Assets come into existence upon the happening of a certain event, are called:

Fixed assets

Fictitious assets

Contingent assets

Floating assets

Any mistake in ledger can be easily detected with the help of:

Financial statement

Balance sheet

Trial balance

Journal 

Net Sales represent

both b and c

Sales – return outwards

Sales – return to supplier

Sales – return inwards