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Financial Accounting

CASH BOOK MCQs with Answers

CASH BOOK MCQs with Answers SHORT QUESTIONS  (1) WHAT IS CASH BOOK?                         In this book all cash receipts and payments are recorded in a business is called cash Account or Cash Book. (2) WHAT YOU MEAN BY PURCHASE BOOK?                         In a huge business, a separate book is maintained …

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NON TRADING CONCERNS MCQs with ANSWERS

NON TRADING CONCERNS

NON TRADING CONCERNS MCQs with ANSWERS 1. The institutions, which deal in activities other than trade are called: (A) Trading concerns (B) Non-trading concerns (C) Manufacturing concerns (D) None of them 2. The record of cash kept by the non-trading concerns is shown by: A) Receipt & payment account (B) …

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Bills of Exchange MCQs with Answers

Bills of Exchange Mcqs With answers

FOLLOWING ARE MCQs RELATED TO BILLS OF EXCHANGE with Answers 1)  Bill receivable account is a : (A)  Machinery account (B) Personal A/C (C)  Real A/C (D)  None of these 2)  At the time of endorsement of a bill, the drawer credits: (A)  Bill payable (B)  Drawee A/C (C) Drawer A/C …

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Banking Transactions MCQs with Answers

BANKING TRANSACTIONS MCQS WITH ANSWERS

FOLLOWING  MCQs ARE RELATED TO BANKING TRANSACTIONS WITH ANSWERS 1)  Bank does not issue cheque book on: (A)  Current account (B)  Fixed deposit account (C)  Saving bank account (D) All of the above 2)  Bank issue bank statement on: (A)  Current account (B)  Saving bank account (C)  Fixed deposit account (D)  …

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Journal, Ledger and Trial Balance

Ledger-and-Trial-Balance

Word journal is derived from French word “Jour” which means day, Thats’ why it is callled “Day Book”. Business transactions are recorded in journal chronologically. Whereas, in business all accounts have their separate page is called ledger. Finally, Trial Balance is very useful in business. It shows the arithmetical accuracy …

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Accounting Equation

accounting-equation

Accounting Equation : It is very important and beneficial tool for management. we can define it in these words “The expression of the equality of an entity’s Assets with the claim against them is referred to as the Accounting Equation. The financial position of a business can be checked in …

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Introduction to Accounting

introduction-to-accounting-mcqs-www.McqSkillsTest.com

Introduction to Accounting - Test Your Mcqs Skills 1)  A  written evidence in supporting of business dealing is called: (A)  Business document (B)  Business letter (C)  Voucher (D)  Financial statement 2)  Creditors are also known as: (A)  Notes payable (B)  Accounts Receivable (C)  Notes payable (D)  A/c payable 3)  Debtors …

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