Rules of Debit and Credit Quiz-1

Aanya opened a bank account. What type of account is it?

• Personal Account.

• Real Account.

• Nominal Account.

• None of these.

Which of the following accounts has a credit balance?

• Carriage Inward
• Discount Received
• Carriage Outward
• Discount Allowed

Sundry Creditors Account is a

• Revenue Account.
• Capital Account.
• Liability Account.
• None of these.

Sales Account is a

• Revenue Account.
• Liability Account.
• Capital Account.
• None of these.

Salaries Account is

• an Expense Account.
• an Asset Account.
• a Liability Account.
• None of these.

‘Machinery Purchased’ is a

• Real Account.
• Nominal Account.
• Personal Account.
• None of these.

‘Discount allowed’ is classified as a

• Real Account.
• Nominal Account.
• Personal Account.
• None of the above.

‘Patents ‘are classified as a

• Asset Account.
• Liability Account.
• Capital Account.
• Revenue Account.

‘Outstanding Expenses’ are classified as

• Liability Account.
• Asset Account.
• Revenue Account.
• Capital Account.

Interest Received is classified as

• Asset Account.
• Revenue Account.
• Capital Account.
• Liability Account.