1- When an account represents certain person or person then it is called as:
A). Artificial person’s account
B). Representative personal account✔️
C). Nature person’s account
D). Real Accounts
2- Salary outstanding account relevant to:
A). Representative personal account✔️
B). Artificial person’s account
C). Natural person account
D). Nominal accounts
3- Personal accounts are related to:
A). Assets and liabilities
B). Expenses, losses
C). Customers, creditors etc✔️
D). Incomes
4- Real account are related to:
A). Assets ✔️
B). Expenses, losses and Incomes
C). Customers, creditors
D). Incomes
5- Nominal accounts are related to:
A). Assets and liabilities
B). Expenses, losses and Incomes✔️
C). Customers, creditors etc
D). Capital account
6- The basic rules of Book-keeping debit the receiver and credit the giver ‘ is applicable to:
A). Personal Account✔️
B). Real Account
C). Nominal Account
D). Expense Account
7- The basic rule of book- keeping debit all expenses and loses and credit ‘ all incomes and gains is applicable to:
A). Personal Account
B). Real Account
C). Nominal Account✔️
D). Capital Account
8- Cash account is concerned with:
A). Real Account✔️
B). Personal Account
C). Nominal Account
D). Capital Account
9- Capital account is a kind of:
A). Real account
B). Nominal account
C). Personal account✔️
D). Income account
10- Mr. Imran account is a kind of:
A). Real Account
B). Personal Account✔️
C). Nominal Account
D). Expense Account
11- Sales account is concerned with:
A). Personal Account
B). Real Account
C). Nominal Account✔️
D). Expense Account
12- Rent account is a kind of:
A). Real Account
B). Personal Account
C). Nominal Account✔️
D). Capital Account
13- Machinery account is concerned with:
A). Real Account✔️
B). Personal Account
C). Nominal Account
D). Expense Account
14- Profits and losses are recorded by:
A). Personal Account
B). Real Account
C). Nominal Account✔️
D). Machinery Account
15- Every transaction has:
A). Single aspect
B). Dual aspect✔️
C). Triple aspect
D). None of the above
16- The money with which business is started is known as:
A). Capital✔️
B). Creditor
C). Income
D). Debtor
17- The person who owes money is:
A). A creditor
B). A debtor✔️
C). An owner
D). Agent
18- The person to whom money is owned is:
A). A creditor✔️
B).A debtor
C). An owner
D). Agent
19- The books of account in which business transactions are originally recorded in chronological order are:
A). Ledger
B). Journal✔️
C). Trial Balance
D). Balance sheet
20- The act of recording each transaction in the journal is called:
A). Journalizing✔️
B). Posting
C). Journal folio or folioing
D). Ledger
21- Journal shows all necessary information regarding:
A). The document
B). A transaction✔️
C). The accounting
D). Meeting
22- Transaction are recorded chronologically so, journal is called:
A). Entry book
B). Transaction book
C). Chronological book✔️
D). Voucher
23- A transaction is recorded on the same day it takes place so, journal is also called:
A). A day book✔️
B). A history book
C). An entry book
D). Ledger book
24- Narration is always written:
A). Above each entry
B). Below each entry✔️
C). Between of each entry
D). None of the above
25- A journal is generally kept on:
A). A columnar basis✔️
B). A row basis
C). A single line basis
D). Vertical basis
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