ACCOUNTANCY quiz

The excess of assets over liabilities is

• A) loss

• B) cash

• C) capital

• D) profit

The amount of credit sales can be computed from

• A) Total debtors a/c

• B) Total creditors a/c

• C) Bills payable a/c

• D) Bills receivable a/c

Assets are Rs.85000 and liabilities are Rs. 21000 .capital ?

• Rs.85000

• B) 106000

• C) Rs.21000

• D) Rs.64000

Opening debtors Rs.30000 , cash received Rs.100000 , credit sales Rs.90000 , Closing debtors is .

• Rs.100000

• Rs. 130000

• Rs. 40000

• Rs. 20000

Receipts and payment a/c is a

• a. Nominal account

• b. Real account

• c. personal account

• d. Representative personal account

Income and expenditure a/c is a

• A) nominal account

• B) real account

• C) personal account

• D) Representative personal account

Income and expenditure account is prepared to find out

• A) profit or loss

• B) cash balance

• C) bank balance

• D) surplus or deficit

Which should not be recorded in income and expenditure a/c

• A) sales of old furniture

• B) loss on sale of old assets

• C) Honorarium paid

• D) sale proceeds of furniture

Donation received for a specific purpose is

• A. Revenue receipt

• B. Capital receipt

• C. Revenue expenditure

• D. Capital expenditure

Subscription due but not received for the current year

• A. an asset

• B. An expense

• C. A liability

• D. None of these