Commerce MCQ for PPSC FPSC KKPSC BPSC SPSC Practice Test 9

1- The other name of purchase return is:

A). Return outwards✔️

B). Return inwards

C). None of the above

D). Sales Return

2- The concession given by the supplier to the buyer on purchases of goods is known as:

A). Sales discount

B). Trade discount

C).Purchase discount✔️

D). Discount received

3- The concession given by the supplier to the buyer on sales of goods is said to be:

A). Cash discount

B). Trade discount

C). Sales discount✔️

D). Purchase discount

4- The form of remuneration for surfaces rendered by one person to another I called:

A). Loan

B). Commission✔️

C). Equity

D). Sales

5- The discount allowed by manufacturer or  wholesaler at the time of selling good to retailer as a deduction from the listed- price or catalogue price, is called as:

A). Trade discount✔️

B). Cash discount

C). Sale discount

D). Purchase discount

6- The deduction or allowance given by a creditor to a debtor if the amount due is paid by the debtor before the due date is known as:

A). Trade discount

B). Cash discount✔️

C). Sales discount

D). None of the above

7- A person who owns money on goods to another is called:

A). Employer

B). Debtor✔️

C). Account payable

D). Creditor

8- A person who pays out something or to whom money is owing is called:

A). Debtor

B). Creditor✔️

C). Account receivable

D). Owner

9- Financial accounting is mainly confined to preparation of:

A). Manufacturing statement

B). Financial statement✔️

C). Production statement

D). Sales statement

10- The costs of the goods and services used up in the process of obtaining revenue is called:

A). Liabilities

B). Expenses✔️

C). Assets

D). Income

11- The term expense and expenditure are:

A). Same in Nature

B). Different in Nature✔️

C). Opposite in Nature

D). None of the above

12- A summarized record of transactions relating to a person or thing is called as:

A). Ledger

B). Journal

C). Account✔️

D). Trial Balance

  1. Debtors are known as:

A). Account receivable✔️

B). Account payable

C). Bills payable

D). Proprietor

14- Creditors are also termed as:

A). Account receivable

B). Account payable✔️

C). Bill receivable

D). None of the above

15- The properties and possessions of a business both tangible and in tangible are called:

A). Liabilities

B). Assets✔️

C). Income

D). Expenses

16- The debts due by a business to its proprietor and others is termed as:

A). Liabilities✔️

B). Assets

C). Expenses

D). Incomes

17- Any written evidence in support of a business transaction is called:

A). A business letter

B). Voucher✔️

C). Financial Statement

D). Manufacturing statement

18- All merchandise commodities which are purchased by the business for selling purpose is called:

A). Inventory✔️

B). Capital

C). Assets

D). None of the above

19- The rights to properties of the business are called:

A). Liabilities

B). Assets

C). Equities✔️

D). None of the above

20- The span of time for which a business generally prepares its financial statements is termed as:

A). Accounting period✔️

B). Accounting cycle

C). Accounting standards

D). Manufacturing period

21-The price of goods sold or services rendered by a business to its customers, is termed as:

A). Net profit

B). Revenue✔️

C). Expenses

D). Net loss

22- Net income or net profit is equal to:

A). Revenue – income

B). Revenue – expenses✔️

C). Revenue+ expenses

D). None of the above

23- Double entry means:

A). Entry in two sets of books

B). Entry at two dates

C). Entry for two aspects of the transaction✔️

D). None of the above

24- The term ‘ Accounting’ and ‘ Book- keeping’ are classified as:

A). Same

B). Different✔️

C). Opposite

D). None of the above

25- Double entry system requires the- maintenance of:

A). Not any book of accounts

B). Only one book of accounts

C). A number of books of accounts✔️

D). None of the above

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