MCOM_Adv A/C

Which of the following is not a business transaction?

• Goods purchased from 1000
• Placed an order for purchasing the goods for 2000
• Received interest from Bank 5000
• Rent paid to Landlord 3000

Which of the following item is not financial in nature

• Purchase of machine for cash
• Withdrawal of cash by proprietor for his domestic use
• Dismissing an employee from job
• Purchase of a bike on credit

Book Keeping is regarded as the step of accounting

• Fourth
• Secondary
• Third
• Primary

The system of accounting in which only personal accounts with or without subsidiary books are maintained is known as

• Double
• Tripple
• Single
• None

Any revenue expense for which a separate fund is available will be

• capitalised and shown in the balance sheet.
• debited to income and expenditure account
• debited to the separate fund
• None of these

________________________is not objective of accounting

• Gives accurate information
• Keeps records in systematic manner
• Analyses recorded data
• Ascertain financial position of business

Which of the following is not a paper transaction?

• Charge of depreciation
• Discount received
• Bad debts written off
• Cash stolen from office

Which of the following is capital expenditure?

• Repairs of fixed asset
• Demolition cost
• Locker rent
• Annual subscription

Advertising expenses for launching a new product of the company is____________.

• Revenue expenditure
• Capital expenditure
• Deferred Revenue expenditure
• Deferred Capital expenditure

What happens when a bad debt is recovered?

• Current asset decreases
• Debtor’s balance decreases
• Profit increases
• Owner’s fund decreases