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Nature of Accou...

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  • Question 1
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    Goodwill account is a ___________.

  • Question 2
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    Match List I with List II and select the correct answer using the codes given below the lists:

    List IList II
    (Types of accounts)(Principles)
    A. Real Accounts1.  Debit the receiver
        Credit the giver
    B. Nominal Accounts2. Debit what comes in Credit what goes out
    C. Personal Accounts3. Debit all expenses and losses
        Credit all gains and incomes

  • Question 3
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    The basic rule of book-keeping "Debit the receiver and credit the giver" is applicable to ______________.

  • Question 4
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    Credit word has been derived from the Latin word 'credere' which means _________.

  • Question 5
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    The installation expenses for a new machinery will be debited to __________________.

  • Question 6
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    Match list I with List II and select the correct answer using the codes given below:

    List IList II
    (Transactions)(To be recorded)
    A. Cash purchase of goods1. Cash book - Dr. side
    B. Cash sales of equipments2. Cash book - Cr. side
    C. Credit sale of goods3. Journal Proper
    D. Credit sale of old furniture4. Sales book

  • Question 7
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    Debit word has been derived from Latin word 'debere' which means _______________.

  • Question 8
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    The documents on the basis of which transactions are recorded in the account books are known as ____________.

  • Question 9
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    Investment in business by owner results in _______________.

  • Question 10
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    A motor car which was purchased for 20,000 had its book value 12,000. It was sold for 25,000. 

    The capital profits will be ___________.

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