Question

7. Rent paid is related to
(a) Personal Alc(b) Real A/C (C) Nominal A/cd) All of these
2 Transactions are posted into Ledger Account from
(a) Vouchers(b) Journal book(c) Bank Statement(d) None of these
3. X Ltd. Follows the Written Down Value method of depreciating machinery year after year de
to
(a) Comparability(b) Conservatism(c) Consistency(d) All of these
4. Which of the following is not a fixed asset?
(a) Building(b) Machinery(c) Debtors(d) Furniture
5. Under the Accrual Basis of Accounting, expenses are recorded
(a) On payment (b) on being incurred(c) both (a) and (b)(d) None of these
6. The amount invested by the proprietor in a business is termed as
(a) On payment (b) Cash(c) Revenues (d) Capital
7. A sales of goods to Ram for cash is debited to
(a) Ram
(b) Cash(c) Sales(d) None of these
8. A Journal is called a book of
(a) Primary entry(b) Secondary entry(c) Final entry (d) None of these
9. Which of the following will not be recorded in the books of account?
(a) Sales of goods(b) Quality of staff(c) Payment of salary(d) Purchase of goods
10. Which of the following is not an internal user of financial statements?
(a) Managers(b) Employees(c) Lenders(d) Board of Directors​

Answer 1

Rent paid is related to nominal A/c

Answer 2

1 . Rent paid is related to C)  Nominal Account .

2. Transactions are posted into Ledger Account from B) Journal Book.

3. X Ltd follows written down value method of depreciating machinery year after year due to C) Consistency Principles.

4. C) Debtors is not a fixed asset.

5. Under the accrual basis of accounting expenses are recorded C) Both a and b.

6. The amount invested by the proprietor in a business is termed as D) Capital .

7. A sales of goods to Ram for cash is debited to B) Cash A/C.

8. A Journal is called a book of A) Primary Entry.

9.  B) Quality of Staff is not recorded in the books of account.

10. C) Lenders are not an internal users of financial statement.