Commerce MCQ for PPSC FPSC KKPSC BPSC SPSC Practice Test 13

1- Goods of the value of Rs.1000 are given away as charity, this account should be debited to:

A). Charity account✔️

B). Sales account

C). Purchases account

D). Asset account

2- Furniture purchased for private use of a partner should be debited to:

A). Furniture account

B). Partner’s capital account

C). Purchases account

D). Partner’s drawings account✔️

3- The amount of salary paid to Imran should be debited to:

A). The account of Imran

B). Salaries account✔️

C). Cash account

D). Wages account

4- The return of goods by a customer should be debited to:

A). Customer’s account

B). Sales Returns account✔️

C). Goods account

D). Purchases account

5- The rent paid to the landlord should be credited to:

A). Landlord’s account

B). Rent account

C). Cash account✔️

D). Rent outstanding account

6- The Cash discount allowed to a debtor should be credited to:

A). Discount account

B). Customer’s account

C). Sales a/c

D). Creditor’s account✔️

7- In case of a debt becoming bad, the amount should be debited to:

A). Debtor’s account✔️

B). Bud debts account

C). Sales account

D). Creditor’s account

8- The sale of business asset on credit is recorded in:

A). Sales journal

B). General journal✔️

C).Cash receipt journal

D). None of the above

9- The Book in which accounts are maintain is called:

A). Day book

B). Journal

C). Ledger✔️

D). Sales book

10- The debits and credits of journalized transactions are transferred to:

A). Chronological book

B). Ledger✔️

C). Journal

D). Purchases book

11- The closing balance of the current year will be the opening balance of the:

A). Last year

B). Current year

C). Next year✔️

D). None of the above

12- Excess of debit over credit is called:

A). Debit balance✔️

B). Credit balance

C). Closing balance

D). Opening balance

13- The process of recording a transaction in ledger is called:”

A). Posting✔️

B). Journalizing

C). Entry

D). Recording

14- Which one of the following is called the king of all books of account:

A). The cash book

B). Journal

C). Ledger✔️

D). Balance

15- The unit of classification of data within the ledger is the:

A). Transaction

B). Account✔️

C). Compound entry

D). Memorandum entry

16- The closing debit balance falls on the:

A). Credit side✔️

B). Debit Side

C). Both A & B

D). None of the above

17- The journal reference ( j.R) helps in locating the entry easily in:

A). Ledger

B). Journal✔️

C). Trial Balance

D). Balance sheet

18- The process of equalizing the two sides of an account is known as:

A). Balancing✔️

B). Journalizing

C). Posting

D). None of the above

19- While balancing art account the difference of the two sides is recorded on:

A). Larger side

B). Small side✔️

C). Both A &  B

D). None of the above

20- Expenses normally shares:

A). Debit balance✔️

B). Credit balance

C). Debit and credit balance both

D). None of the above

21- Liabilities normally shows:

A). Debit balance

B). Credit balance✔️

C). Both A & B

D). None of the above

22- Accounts of revenue normally have:

A). Debit balance

B). Credit balance✔️

C). Both debit and credit balance

D). None of the above

23- Assets normally has:

A). Debit balance✔️

B). Credit balance

C). Debit and credit balance both

D). None of the above

24- Excess of credit over debit is called:

A). Debit balance

B). Credit balance✔️

C). Opening balance

D). None of the above

25- If the two sides of an account are equal, that account will Shows:

A). Zero balance✔️

B). Debit balance

C). Credit balance

D). None of the above

Useful Links:-

Lecturer Commerce Online Tests

One Paper MCQs for PPSC FPSC KKPSC BPSC SPSC AJKPSC NTS

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