Question

SECTION-A
Answer the following (each 1 mark)
Q1] When we issue Debit Note, it means
aj Purchase return of other Party b) Our Sales return c Sales for us d] Sales return for other
Q2] Goods of Rs.5000/- are sold to Amar for 10% TD. & 5% C.D. The amount of Cash Discouebited
will be
a) Rs.500 b] Rs.250 c] Rs. 225 d] None
Q3] Rent paid Rs.10,000. What type of transaction is it?
a) Cash transaction of asset b] Non-cash transaction of service
c) Cash transaction of service d] Cash transaction of liability
Q4] When cheque is deposited in Bank,
increases.
a) Cash balance b] Bank balance c] Bank Overdraft d] None
Q5]When goods purchased on credit, there is
a] Increase in assets-increase in llability b) decrease in assets-decrease in liability
c) increase in assets-decrease in liability d) decrease in assets-increase in llabllity
06]Why is it necessary to write adjustment entry at the end of year for closing stock?
al To rectify error b] To find true profit or loss c] To transfer the account d] To close account​

Answer 1

Answer:

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