ACCOUNTING MCQs



Journal proper is meant for recording_____________?

  1. Credit purchase of fixed assets
  2. Return of goods
  3. All such transactions for which no special journal has been kept by the business
  4. None of these

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Amount paid to Masood posted to the credit side of his account would affect___________?

  1. Masood’s account
  2. Cash account
  3. Cash account and Gagan’s account
  4. None of these

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Which of the following accounts will be debited if the business's owner withdraws cash from business for personal use?

  1. Drawings
  2. Cash
  3. Business
  4. Stock

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Which of the following are closed at the end of an accounting period?

  1. Nominal accounts
  2. Personal accounts
  3. Real accounts
  4. None of them

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Which of the following statements is incorrect regarding capital account?

  1. Debit increases the capital account balance
  2. Credit increases the capital account balance
  3. Fresh capital increases the capital account balance
  4. Net income increases the capital account balance

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