WorksheetsACCOUNTING QUIZ COMMERCE ACADEMY
Total questions: 15
Worksheet time: 8mins
Which error cannot be revealed on the preparation of trial balance?
Wrong totalling of account
Compensatory errors
Error of commission
Wrong balancing of an account
Parties to a bill of exchange are
Drawer
Drawee
Payee
All of the above
_____ will generally show a debit balance
Bank loan
Bad debts recovered
Drawings
Salary payable
Gross profit is equal to
Opening stock + purchases - closing stock
Net profit - expenses
Sales - Closing stock + purchases
Sales - Cost of goods sold
Drawing is a type of
Expense
Withdrawal of capital
Income
None of the above
Petty cash is used for payment of
Salaries & wages of the staff
For purchase of assets
Small expenses relating to postage's and conveyance etc.
All of the above
Heavy amount spent for the advertisement of new company product is
Revenue expenditure
Deferred Revenue expenditure
Capital expenditure
Either 'a' or 'c'
Under diminishing balance method, depreciation
Is constant every year
Increases every year
Decreases every year
None of the above
Bills receivable is a
Intangible fixed asset
Tangible fixed asset
Current asset
Investment
Which account is the odd one out?
Office furniture and equipment
Freehold land and building
Stock of raw materials
Plant and machinery
Interest on drawings is ___ for the business
Loss
Expense
Gain
None of the above
Narrations are given at the end of
Final accounts
Trial Balance
Each Ledger account
Each journal entry
Which of the following is not a transaction?
Goods are purchased on cash basis for Rs.1000
Salaries are paid for the month of May 2010
Land is purchased for Rs. 10 lacs
An employee dismissed from the job
The left side of an account is known as ___ and the right side as ____
Debit, Credit
Credit, Debit
Liability, Asset
None of the above
In case of debit balance, the words _____ are written on the debit side
To Balance b/d
To Balance c/d
By Balance c/d
By Balance b/d
