Description : Bank charges charged by bank are recorded on _________ side of Pass Book.
Last Answer : Bank charges charged by bank are recorded on _________ side of Pass Book. (a) debit (b) credit (c) any (d) both
Description : When cheque is ________ into bank Cash Book is debited.
Last Answer : When cheque is ________ into bank Cash Book is debited. (a) written (b) issued (c) deposited (d) dishonoured
Description : When liquidation expenses is paid and borne by seller company then it is debited to_____ (A) Bank A/c (B) Goodwill A/c (C) Realisation A/c (D) Capital Reserve A/c.
Last Answer : (C) Realisation A/c
Description : When liquidation expenses is paid and borne by seller company then it is debited to _______ (A) Bank A/c (B) Goodwill A/c (C) Realisation A/c (D) Capital Reserve A/c.
Description : Cheque deposited into Bank increases the Bank balance as per Cash Book.
Last Answer : State whether the following statement are True or False with reason : Cheque deposited into Bank increases the Bank balance as per Cash Book.
Description : Payments made by the bank as per standing instructions are recorded on the Debit balance of the Pass Book.
Last Answer : State whether the following statement are True or False with reason : Payments made by the bank ... recorded on the Debit balance of the Pass Book.
Description : Mark the correct option relating to cheque collection charges. a) Rs 30/- for a cheque up to Rs 1000/- b) Rs 3/- per thousand beyond Rs 1000/- c) No collection charges will be charged on outstation cheque of Post office saving bank drawn in post office saving bank d) All the above
Last Answer : d) All the above
Description : The debit balance of Pass Book represents overdraft.
Last Answer : State whether the following statement are True or False with reason : The debit balance of Pass Book represents overdraft.
Description : Credit balance in the Pass Book represents _____________
Last Answer : Credit balance in the Pass Book represents _____________ (a) overdraft (b) bank balance (c) loan borrowed (d) negative
Description : Overdraft means _________ balance of Pass Book.
Last Answer : Overdraft means _________ balance of Pass Book. (a) opening (b) debit (c) credit (d) closing
Description : What do you mean by the debit balance of Pass Book?
Last Answer : What do you mean by the debit balance of Pass Book?
Description : The charges of placing commodities into a saleable condition should be charged to A) Trading account B) P & L a/c C) Balance Sheet D) None of the above
Last Answer : Answer: A
Description : In the mass spectrograph, two positively charged ions having the same velocity pass through a slit and enter a uniform magnetic field at right angles to their initial velocities. The ions will NOT be ... charges and their masses are equal z) the ratios of their charges to their masses are equal
Last Answer : ANSWER: Z -- THE RATIOS OF THEIR CHARGES TO THEIR MASSES ARE EQUAL
Description : When the opening balance of cash and cash equivalent is added to the net increase , the total will be the____________ a) Closing balance of cash b) Closing balance of bank c) Opening balance of bank d) Closing balance of cash and cash equivalent
Last Answer : b) Closing balance of bank
Description : (i) A bound book of Account. (ii) The credit balance of the Bank Account.
Last Answer : Write the word, term, phrase, which can substitute each of the statement : (i) A bound book of Account ... . (v) The right-hand side of an account.
Description : What is the meaning of tahabil balance in bank cash book?
Last Answer : Need answer
Description : Interest on bank overdraft is recorded on _________ side of Pass Book.
Last Answer : Interest on bank overdraft is recorded on _________ side of Pass Book. (a) debit (b) credit (c) any (d) both
Description : Pass Book is _________ of account holders transactions with bank.
Last Answer : Pass Book is _________ of account holders transactions with bank. (a) an extract (b) balance sheet (c) balance (d) mode
Description : (i) Software expenses paid for the installation of the computer should be debited to Software A/c.
Last Answer : Do you agree or disagree with the following statement: (i) Software expenses paid for the ... . (v) Return Inwards means purchase return.
Description : Wages paid for the installation of machinery wrongly debited to wages account is an error of ________
Last Answer : Wages paid for the installation of machinery wrongly debited to wages account is an error of ________ ... principle (c) commission (d) duplication
Description : If the purchase hook is undermasted, the purchase account is debited in rectification.
Last Answer : State whether the following statement are True or False with reason : If the purchase hook ... , the purchase account is debited in rectification.
Description : The profit on sale of an asset is debited to _________ A/c.
Last Answer : The profit on sale of an asset is debited to _________ A/c. (a) Profit and Loss (b) Reserve (c) Asset (d) Balance sheet
Description : Wages paid for installation of machinery is debited to __________ account.
Last Answer : Wages paid for installation of machinery is debited to __________ account. (a) Profit and Loss (b) Trading (c) Wages (d) Machinery
Description : When goods are sold for cash, the personal a/c of the buyer is debited.
Last Answer : State whether the following statement are ‘True or False’ with reason : When goods are sold for cash, the personal a/c of the buyer is debited.
Description : (i) Purchase of Assets should be debited to purchase A/c.
Last Answer : Do you agree or disagree with the following statements : (i) Purchase of Assets should be debited ... NEFT, RTGS Transaction Cash A/c is affected.
Description : Which account is debited, when goods are destroyed by fire?
Last Answer : Which account is debited, when goods are destroyed by fire?
Description : Carriage Inward is debited to ___________ Account.
Last Answer : Carriage Inward is debited to ___________ Account. (a) Trading A/c (b) Profit & Loss (c) Capital (d) Bank
Description : Which account will be debited when Mr. Shyam has paid cash to you?
Last Answer : Which account will be debited when Mr. Shyam has paid cash to you?
Description : Which account will be debited when goods are sold to Ram on credit?
Last Answer : Which account will be debited when goods are sold to Ram on credit?
Description : The loss on the sale of old furniture is debited to– (A) profit & loss account (B) furniture account (C) trading account (D) depreciation account
Last Answer : Answer: profit & loss account
Description : If the goodwill raised at the time of retirement of a partner is to be written-off, then the capital accounts of the remaining partners are debited in– (A) New profit sharing ratio (B) Capital ratio (C) Old profit sharing ratio (D) Sacrificing ratio
Last Answer : Answer: Old profit sharing ratio
Description : Goods worth Rs. 2,000 were distributed to employees free of charge. The account to be debited is– (A) Profit and Loss A/c (B) Advertisement A/c (C) Labour Welfare A/c (D) Goods A/c
Last Answer : Answer: Profit and Loss A/c
Description : The goods taken by the proprietor from the shop is debited to– (A) Shop account (B) Goods account (C) Capital account (D) Drawings accounts
Last Answer : Answer: Drawings accounts
Description : What is the name of the card which can be used by the buyers during he time of purchase and in which the amount will be immediately debited from the buyers account? a. E-Distributor b. Debit Card c. Credit Card d. Power Card
Last Answer : b. Debit Card
Description : Under a perpetual inventory system, acquisition of merchandise is debited to the a. Merchandise Inventory account. b. Cost of Goods Sold account. c. Purchases account. d. Accounts Payable account.
Last Answer : a. Merchandise Inventory account.
Description : A Sales Returns and Allowances account is not debited if a customer a. returns defective merchandise. b. receives a credit for merchandise of inferior quality. c. utilizes a prompt payment incentive.
Last Answer : c. utilizes a prompt payment incentive.
Description : Under a perpetual inventory system, acquisition of merchandise for resale is debited to the a. Merchandise Inventory account. b. Purchases account. c. Supplies account. d. Cost of Goods Sold account.
Last Answer : d. Cost of Goods Sold account.
Description : In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.
Last Answer : b. each expense account will be credited.
Description : In order to close the dividends account, the a. income summary account should be debited. b. income summary account should be credited. c. retained earnings account should be credited. d. retained earnings account should be debited.
Last Answer : d. retained earnings account should be debited.
Description : 2. The underwriting commission is payable in cash .
Last Answer : FALSE
Description : When the underwriting commission becomes payable , the underwriter A/c is debited
Description : When the Net Assets are less than the Purchase Consideration, the difference will be (A) Debited to Goodwill A/c (B) Debited to General Reserve (C) None of these
Last Answer : (A) Debited to Goodwill A/c
Description : When the Net Assets are less than the Purchase Consideration, the difference will be (A) Debited to Goodwill A/c (B) Debited to General Reserve (C) None of these (D) Debited to Capital Reserve
Last Answer : While calculating purchase consideration ............... values of assets is to be considered. (A) Book value (B) Revalued price (C) Average price (D) Capital
Description : In process costing, if an abnormal loss arises, the process account is generally (a) Debited with the scrap value of the abnormal loss units (b) Debited with the full production cost of the abnormal loss units (c) Credited with the scrap value of the abnormal loss units
Last Answer : (d) Credited with the full production cost of the abnormal loss units
Description : Sales made to Mahesh for cash should be debited to________________ a) Cash account b) Mahesh Account c) Sales account d) Purchase account
Last Answer : a) Cash account
Description : Mr. X is a dealer in electronic goods (refrigerator, washing machine, air conditioners, televisions, etc.) He purchased two air conditioners and installed in his showroom. In the books of X the ... will be debited to A] Drawing account B] Capital Account C] Fixedassets D] Purchases account
Last Answer : C] Fixedassets
Description : If wages are paid for construction of business premises ______ A/c is credited and _____ A/c is debited. a) Wages, Cash b) Premises, Cash c) Cash, Wages d) Cash, Premises
Last Answer : d) Cash, Premises
Description : Provision for Income Tax is _____ A. Debited to P & L Appropriation A/c B. Debited to Profit and Loss A/c C. Debited to Treading A/c D. Credited to P & L Appropriation a/c
Last Answer : B. Debited to Profit and Loss A/c
Description : When purchasing company pays purchase consideration, it will be debited to (A)Business purchase account (B)Assets account (C) Liquidator of selling company’s account (D)None of the above
Last Answer : (C) Liquidator of selling company’s account
Description : If it is required to maintain fixed capitals then the partners’ shares of profits must be A) Credited to capital accounts B) Debited to capital accounts C) Debited to partners’ current accounts D) Credited to partners’ current accounts
Last Answer : Answer: D