Accounting basics
Quiz
•
Business
•
11th - 12th Grade
•
Practice Problem
•
Medium
Divya Veda
Used 6+ times
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26 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods costing ₹20,000 is sold at a profit of 20% on cost and trade discount is allowed @10% and cash discount is also allowed. Half the payment was received at the time of sale. What is the amount of cash received at the time of sale?
₹9,720
₹10,800
₹11,880
₹10,820
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods worth ₹7,000 given away as charity would be credited to:
Sales a/c
Purchases a/c
Charity a/c
Trustee a/c
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Payment of ₹6,000 as wages to workmen for installation of a machine should be debited to:
Wages a/c
Repairs a/c
Machinery a/c
Installation a/c
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What shall be the amount of Capital if Cash is ₹5,000; Furniture ₹12,000; Stock ₹30,000 and Creditors ₹6,000
₹53,000
₹47,000
₹41,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gopal is our debtor for ₹10,000. He became insolvent and only 60 paise is received from him. The balance of ₹4,000 would be entered to the :
Debit of Discount A/c
Credit of Discount A/c
Debit of Bad Debts A/c
Credit of Bad Debts A/c
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
₹5,000 received from Mohan whose account was written off as bad in the previous year should be credited to:
Mohan's a/c
Bad debts a/c
Bad debts recovered a/c
None of these
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Loss of goods by fire should be credited to:
Sales a/c
Loss a/c
Profit and Loss a/c
Purchase a/c
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