Accounting Basics Quiz

Bank Reconciliation Statement is prepared by _________.

• student

• businessman

• bank

• none of the above

Amount which is not recoverable from customer is known as ______________.

• Bad Debts

• Debts

• Debtors

• Doubtful debts

Credit purchase of Machinery is recorded in the .......

• Purchase Book

• Cash Book

• Journal Proper

• Returns Outward Book

A commodity in which a trader deals is known as _______________.

• Goods

• Income

• Property

• Expenditure

Goodwill is . . . . . . . . . . . . . . asset.

• Tangible

• Current

• an intangible

• None of these

Surplus of income over expenses is ______________.

• Profit

• Deficit

• Loss

• Financial Statements

Purchase of animals for cash should be debited to ……

• Live stock A/c

• Goods A/c

• Cash A/c

• Bank A/c

'c/d' indicates …………..balance.

• Opening

• Closing

• Positive

• Negative

Brief explanation of an entry is called as _________.

• Folio

• Narration

• Posting

• Journalising

Debit all . . . . . . . . . . . . . . and Credit all income and gains.

• Giver

• Expenses and losses

• Goes out

• None of these