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
- 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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