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quiz -1 4 may- 2018 duwaon ki duzarish
1-The proper classification and normal balance of accounts receivables account is:
2 -Generally Accepted Accounting Principles (GAAP) are necessary because financial statements:
3- Debit signifies
4- Which of the following is NOT a characteristic of Cash Book?
-It has two identical sides—left hand side, the debit side and right hand side, the credit side
-It verifies the arithmetic accuracy of posting of entries from the Journal to the Ledger
-The difference between the total of two sides of cash book shows cash in hand *
-It always shows debit balance. It can never show credit balance*
5 if debit side of a ledger is greater than credit side, the balance will be called as
None of the above
6- Machinery purchased on credit for Rs 15000 will have effect on which of the following accounts?
Purchases a/c & cash a/c
Machinery a/c & a/c payable a/c *
7-When income is decrease or reduced , that amount is recorded on
8- assets and Owner’s equity of a business are Rs 99500 and Rs 50500 respectively. What will be the amount of liabilities?
9- Which of the following type of business can sue and can be sued by its name?
Joint stock company*
All of them
10- The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts?
Cash Account & Capital Account *
Cash Account & Expense Account
Capital Account & Revenue Account
Capital Account & Expense Account
best of luck