Question

Qno.11 Prepaid expenditure is shown as:
An asset (b) a liability (c) an expense
Qno.12 Realization concept implies
the receipt of the order (b) the delivery of the goods (c) the receipt of cash from the customer
Qno.13 According to Going Concern a business is assumed as having
a limited life (b) a very long life (c) an indefinite life (d) None of these
Qno.14 In single entry system, only
personal accounts are opened (b) real accounts are opened (c) nominal accounts are opened
(d) real and nominal accounts are opened.
Qno.15 Non-financial quantitative information is not recorded in accounts due to
Dual concept (b) accrual concept (c) measurement concept (d) entity concept
Qno.16 Both assets and owner’s equity would increase by---
Proprietor’s drawings (b) Purchase of machinery on credit (c) Payment to creditors (d) retained earnings.
Qno.17 Purchase book is maintained to record:
Purchase of goods (b) All cash purchases (c) All credit purchases (d) All credit purchases of goods
Qno.18 Sales book is maintained to record:
Credit sales of goods only (b) cash sales of goods only (c) all credit sales
Qno.19 Return inward book is maintained for recording:
Returns of goods purchased (b) returns of goods sold (c) returns of anything purchased (d) returns of anything sold
Qno.20 Debit signifies
Increase in asset account (b) decrease in liability account (c) decrease in capital account (d)none of these (e) all of these
Qno.21 A trial balance is a
Real account (b) nominal account (c) list of balances
Qno.22 The trial balance checks:
The arithmetical accuracy of books (b) the honesty of book- keeper (c) accuracy of the book-keeper
Qno.23 Trial balance is prepared to detect:
Errors of omission (b) Error of principle (c) Error of Commission​

Answer 1

Answer:

Return inward book is maintained for recording:

Returns of goods purchased (b) returns of goods sold (c) returns of anything purchased (d) returns of anything sold

Qno.20 Debit signifies

Increase in asset account (b) decrease in liability account (c) decrease in capital account (d)none of these (e) all of these