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MBA Accounting MCQ Question Set 10

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1. The Letter "c" is shown in the Cash book which means _______




2. Daily Record of Transaction means




3. The person to whom the amount has to be paid is known as _______




4. The appropriate book to record credit purchase of machinery is _______




5. Which account is generally used for rectification of errors?




6. Premium received on issue of shares is a ______________. tempor




7. The preparation of a Trial balance helps in ______




8. Which one of the following is capital expenditure?




9. Interest on capital is credited to ______ account.




10. Receipts and payments account is a _______




11. Any amount received towards endowment fund is a ________receipt.




12. Income and expenditure account is a _____




13. Sale of old newspaper is to be shown on the credit side of the ______




14. Non-trading institutions prepare ________




15. The process of recording financial transactions in the journal is called ______




16. Accounting principles are generally based on _______




17. Credit sales are recorded in ______




18. Debit balance in cash book means ______




19. The balance of the petty cash book is ______




20. Preliminary expenses are an example of ________




21. Wages is an example of ________




22. A bill drawn and accepted for a genuine trade transaction is termed as a _______ bill.




23. Drawings account is related to ______




24. Returns outward book makes a record of _______




25. Error of commission do not allow _______




26. Cancelling the original bill and drawing a fresh acceptance is known as ______




27. In accounting, the benefit giving aspect is said to be




28. The person who writes out the bill of exchange is known as




29. The balance of the petty cash book is ______




30. Revenue expenditure is intended to benefit _______




31. The person to whom the bill is endorsed is called ______




32. Purchases made on credit not recorded at all would affect _______




33. Which item is shown on the debit side of a trial balance?




34. The assets of a business can be classified as _______




35. Non-trading institutions prepare _________




36. Sales of old material must be shown on the credit side of ______




37. The main aim of ______________ accounting is to ascertain cost relating to the various activities of the business and to have cost control.




38. Bills payable book is to keep a record of __________




39. The amount brought in by the proprietor in the business should be credited to:




40. If a cheque sent for collection is dishonoured, the debit is given to _______




41. State which of the following errors will not be revealed by the trial balance _______




42. The balance of cash account indicates _______




43. Outstanding salaries are shown as _______




44. Prepaid insurance is _______




45. _______ is the person who prepares Bank Reconciliation Statement.




46. Provision for bad debts is calculated on _______




47. The discount column of a triple column cash book records _______