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77. Which of the following accounts have only credit balance ?
1. Accounts payable account 2. Salaries outstanding
3. Reserve fund a/c 4. All of the above
78. Which of the following accounts may be a debit balance ?
1. Discount received a/c 2. Sales a/c
3. Trade expenses a/c 4. Loan account
79. Cash book records :
1. All receipts and payments of cash 2. All cash and credit sales of goods
3. All cash and credit sales of goods 4. None of these
80. Subsidiary books can be divided into how many types ?
1. 2 2. 8 3. 4 4. 7
81. Cash discount is provided on :
1. Sales 2. Prompt payments
3. Purchase 4. None of these
82. Cash book is a ?
1. Ledger a/c 2. Subsidiary Journal and ledger a/c
3. Subsidiary Journal only 4. None of these
83. Which of the following books should be used to record purchase if furniture on credit ?
1. Journal book 2. Journal proper
3. Cash book 4. Purchase book
84. Which of the following accounts is increased by debit entries ?
1. Machinery accounts 2. Purchase return accounts
3. Discount received accounts 4. None of these
85. The debit balance in the banks account is :
1. An asset 2. A Liability
3. An expenses 4. None of these
86. Return outwards book makes a record of :
1. Goods returned to the suppliers 2. Goods returned by the customers
3. Goods returned by the proprietors 4. None of these
87. A purchases book is kept to record :
1. All purchases of goods 2. All cash purchases
3. All credit purchases 4. All credit purchases of goods
88. A Return outward book is kept to record :
1. Return of goods purchased 2. Returns of anything purchased
3. Returns of goods sold 4. Returns of anything sold
89. The total of the sales book is posted periodically to the :
1. Credit of sales account 2. Debit of purchases account
3. credit of capital account 4. None of these
90. Sales book is kept to record :
1. All sales of goods for cash 2. All credit sales
3. All credit sales of goods 4. Returns of goods
91. Sales returns book is kept to record :
1. Returns of goods sold
2. Returns of goods purchased by the proprietor for his personal use
3. Returns of machinery purchased
4. None of these
92. A business has assets of Rs.20,000 and the owner’s equity is Rs.8,000. What is the amount of liabilities ?
1. Rs.12,000 2. Rs.28,000 3. Rs.14,000 4. None of these
93. Cash sales are recorded in :
1. Sales book 2. Journal 3. Bank a/c 4. Cash book
94. If stock worth Rs.10,000 (That has not been insured) is destroyed by fire. Accounting entry is
1. Profit & Loss a/c – Dr 10,000 2. Stock a/c – Dr. 10,000
To Trading a/c – 10,000 To Trading a/c – 10,000
3. Trading a/c – Dr 10,000 4. None of these
To Stock a/c – 10,000
95. Preparation of trial balance helps in locating errors of ?
1. Omission 2. A clerical nature
3. Commission 4. All types
96. In which of the following would an adjusting entry for depreciation be made ?
1. Cash book 2. Journal
3. Sales book 4. Purchases book
97. What is the accounting entry required for issuing a purchase order of Rs.10,000 to S. Sahay ?
1. Purchases a/c – Dr. 10,000 2. Purchases order a/c – Dr. 10,000
To Cash a/c – 10,000 To S. Sahay a/c – 10,000
3. Purchases order a/c – Dr. 10,000 4. None of these
To S. Sahay a/c – 10,000
98. Which of the following accounts has only credit entries ?
1. Accounts payable 2. Capital a/c
3. Reserve fund a/c 4. All the above
99. Receipt of Rs.2,500 from Kamal, a debtor has not been recorded in the books. The profit would shows ?
1. an increase of Rs.2,500 2. A decrease of Rs.2,500
3. Neither increase nor decrease 4. None of the above
100. A chronological record of transactions may be found in :
1. Balance Sheet 2. Trial balance
3. Ledger 4. Journal
ANSWERS
77.4 78.4 79.1 80.2 81.2 82.2 83.2 84.1
85.2 86.1 87.4 88.3 89.1 90.3 91.1 92.1 93.4 94.1 95.2 96.4
97.4 98.4 99.3 100.4
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