Multiple Choice
Double entry system was propounded by
A) Chanakya
B) Lee
C) Confucius
D) Luca Pacioli
Correct Answer:
Verified
Correct Answer:
Verified
Q18: Machinery purchased on account is recorded in<br>A)Journal<br>B)Ledger<br>C)Purchase
Q19: Sales ledger contains accounts of<br>A)Suppliers<br>B)Customers<br>C)Total sales<br>D)All the
Q20: Cost of goods sold plus selling expenses
Q21: Gross assets - liabilities will be equal
Q22: In accounting only _ discount is recorded<br>A)Trade<br>B)Cash<br>C)Real<br>D)None
Q24: Discount on issue of share is<br>A)Capital loss<br>B)Revenue
Q25: Trial balance will detect<br>A)Errors of commission<br>B)Errors of
Q26: Credit note is sent by<br>A)Seller<br>B)Customer<br>C)Buyer<br>D)Borrower
Q27: Asset which reduce is value, on use,
Q28: Petty cash book is prepaid under _