Statewise Prepration
Govt. Examwise MCQ
3196+ MCQ Questions in english हिन्दी
. The credit balance in Passbook indicates:
Bank Passbook Credit = more balance in your favor.
GST is a type of:
GST (Goods & Services Tax) is an indirect tax.
When goods are sold on credit, it affects:
Credit Sale: Debtors (Dr), Sales (Cr)
Drawing means:
Drawing = cash or goods taken by owner for personal use.
What type of account is 'Loan Taken'?
Loans taken are liabilities payable in future.
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Capital introduced is recorded in:
Capital A/c reflects the owner’s investment in the business.
Ledger is a book of:
Journal is the book of original entry, ledger is the book of final entry.
'Bad debts' are:
Amounts that cannot be recovered from customers = Bad Debts.
What is Bookkeeping?
Bookkeeping is basic accounting — recording daily transactions.
Which is not a revenue expenditure?
Buying furniture is a capital expenditure.
Depreciation is charged on:
It’s charged on tangible fixed assets like machinery, vehicles.
Overdraft is shown in books as:
Overdraft = liability as it’s borrowed money from bank.
. Which document is used for auditing?
Voucher acts as proof of transaction during audit.
Which is not a tangible asset?
Goodwill is intangible — no physical form.
The rule for Nominal Accounts is:
Nominal accounts deal with expenses and incomes.
Petty cash is used for:
Petty cash is kept for routine small expenses like tea, stationery, etc.
Credit note is issued when:
Credit note = acknowledgment of sales return.
Which of these is a current liability?
Creditors (amount payable) are current liabilities.
The abbreviation 'Dr.' stands for:
Dr.' = Debit, used in ledger entries.
The account 'Commission Received' is a type of:
Commission received = indirect income shown in Profit & Loss A/c.
Which statement shows the financial position of a firm?
Balance sheet shows assets, liabilities, and capital at a specific date.
What is a Contra Entry?
In double-column cash books, transactions between cash and bank are contra entries.
Which side of the cash book is used to record receipts?
Receipts are recorded on the debit side, payments on the credit side.
Profit and Loss account shows:
It gives the net profit or loss for a financial year.
The balance of Capital account is usually:
Capital is the owner’s investment, so it has a credit balance.
Which document acts as evidence of a business transaction?
Voucher is proof of a financial transaction (like bill, receipt).
Which account is affected when goods are sold on credit?
Credit sales increase Debtors (Assets) and Sales (Income).
Ledger is also known as:
Ledger contains classified transactions from journal — the main book.
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