Basics of Accounting
1). Total of sales book is posted to —————–?.
Answer :: Sales Account
Answer :: Sales Account
2). When a customer returns the goods a ——————- is sent to him. ?
Answer :: Credit note
Answer :: Credit note
3). When the goods are sent to supplier a ——————- is sent to him. ?
Answer :: Debit note
Answer :: Debit note
4). Credit purchase of stationary by a stationary dealer is to be recorded in ————.?
Answer :: Purchase book
Answer :: Purchase book
5). BRS is prepared by a —————–?.
Answer :: Customer of Bank
Answer :: Customer of Bank
6). BRS is statement showing the causes of differences —————-.?
Answer :: Between the cash book and pass book
Answer :: Between the cash book and pass book
7). Installation charges of machinery purchased is ——————–?.
Answer :: Capital expense
Answer :: Capital expense
8). Expense incurred on trial run of machine is ————–?.
Answer :: Capital expense
Answer :: Capital expense
9). Repair of second hand machinery before put to use is—————?.
Answer :: Capital expense
Answer :: Capital expense
10). Annual maintenance fee of machine is ————-.?
Answer :: Revenue expense
Answer :: Revenue expense
11). Cost of ring & pistons of an engine changed to get better fuel efficiency is —————-.?
Answer :: Capital expense
Answer :: Capital expense
12). Interest on term loan for purchase of machinery where the commercial production has not begun till the last day of Accounting year is ————.?
Answer :: Capital expense
Answer :: Capital expense
13). Premium received on issue of shares is —————–?.
Answer :: Capital receipts
Answer :: Capital receipts
14). Scrap value of machinery is ——————?.
Answer :: Capital receipt
Answer :: Capital receipt
15). Insurance claim for machinery damaged by fire is ——————.?
Answer :: Capital receipt
Answer :: Capital receipt
16). Cash received from debtors is ———————–.?
Answer :: Revenue receipt
Answer :: Revenue receipt
17). Fine imposed is ————————–.?
Answer :: Revenue expenses
Answer :: Revenue expenses
18). Purchase of goodwill is —————–.?
Answer :: Capital expense
Answer :: Capital expense
19). Import duty on purchase of material is ————–.?
Answer :: Revenue expense
Answer :: Revenue expense
20). Loss on sale of machinery is ————–.?
Answer :: Revenue loss
Answer :: Revenue loss
Leave a Comment