Basics of Accounting Bit Bank for APPSC | Panchayat Secretary | IBPS | SBI | SSC

Basics of Accounting

 1).  Total of sales book is  posted to -----------------?. 
Answer  ::   Sales Account

 2).  When a customer returns the goods  a ------------------- is  sent to him. ?
Answer  ::   Credit note

 3).  When the goods are sent to supplier a ------------------- is  sent to him. ?
Answer  ::   Debit note

 4).  Credit purchase of stationary by a stationary dealer is to be recorded in ------------.? 
Answer  ::   Purchase book

 5).  BRS is prepared by a -----------------?. 
Answer  ::   Customer of Bank

 6).  BRS is statement showing the causes of differences ----------------.?
Answer  ::   Between the cash book  and pass book

 7).  Installation charges of machinery purchased is --------------------?. 
Answer  ::   Capital expense

 8).  Expense incurred on trial run  of machine is --------------?. 
Answer  ::   Capital expense

 9).  Repair of second hand machinery before put to use is---------------?.
Answer  ::   Capital expense

 10).  Annual maintenance fee of  machine is -------------.? 
Answer  ::   Revenue expense

 11).  Cost of ring & pistons of an engine changed to get better fuel efficiency is ----------------.? 
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

 13).  Premium received on issue  of shares is -----------------?. 
Answer  ::   Capital receipts

 14).  Scrap value of machinery is ------------------?. 
Answer  ::   Capital receipt

 15).  Insurance claim for machinery damaged by fire is  ------------------.?
Answer  ::   Capital receipt

 16).  Cash received from  debtors is -----------------------.? 
Answer  ::   Revenue receipt

 17).  Fine imposed is  --------------------------.? 
Answer  ::   Revenue expenses

 18).  Purchase of goodwill  is -----------------.?
Answer  ::   Capital expense

 19).  Import duty on purchase of  material is --------------.?
Answer  ::   Revenue expense

 20).  Loss on sale of machinery is --------------.? 
Answer  ::   Revenue loss