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WorksheetsQuiz 1
Total questions: 6
Worksheet time: 2mins
Name
Class
Date
1.
Who is the creator of double entry accounting system?
a)
Williams
b)
L H Haney
c)
Pacioli
d)
Robinsons
2.
From following options which is a accounting Concept?
a)
Debit
b)
Credit
c)
Matching
d)
Compensating
3.
According to the concept of conservation, the stock-in-trade is valued at:
a)
Cost Price
b)
Market Price
c)
Cost or Market which ever is higher
d)
Cost or Market which ever is lower
4.
Establishment expenses of a new machine will be debited in ............. account
a)
Expenses
b)
Machine
c)
Profit & Loss
d)
None of the above
5.
On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -
a)
Debited by Rs. 1425
b)
Credited by Rs. 1425
c)
Credited by Rs. 1500
d)
Debited by Rs. 1575
6.
Object to keep fixed assets is
a)
Long-term use
b)
Resale
c)
Liquidity
d)
All of the above
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