Accounting Variation Proforma 2 11-20

Expired cost of any fixed assets?

Deprecation

Devalue

The purchase of an asset on credit

Decreases

Correct! Wrong!

If the goods are purchased for the purpose of resale on credit, then the following account would be credited?

Purchase

Creditor

Merchandising

Goods

Correct! Wrong!

To record goods returned inward?

Debit sales account and credit payables account

Debit returns inward and credit payable account

Debit receivable account and credit returns inwards account

Debit returns inwards and credit receivables account

Correct! Wrong!

What the nature of purchases account?

Liabilities

Asset

Expenses

Drawings

Correct! Wrong!

When drew cash from bank Rs. 8,000 for office use bank account will be?

No record

None of given options

Correct! Wrong!

All of them are same except?

Sale return

Returns outwards

Returns inward

Returns debits

Correct! Wrong!

The rent paid to landlord should be credited to?

Owner equity

Cash

Landlord

Rent

Correct! Wrong!

What is the nature of sales?

Revenue

Expense

Asset

Liability

Correct! Wrong!

Every transaction has minimum __________________?

Five aspects

Four aspect

Three aspects

Two aspects

Correct! Wrong!

The person or corporation from whom the business is purchased is?

Investors

Stockholders

Vendor

Reserve taker

Correct! Wrong!

Accounting Variation Proforma 2 11-20

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

Accounting Variation Proforma 2 11-20

Expired cost of any fixed assets?

If the goods are purchased for the purpose of resale on credit, then the following account would be credited?

To record goods returned inward?

What the nature of purchases account?

When drew cash from bank Rs. 8,000 for office use bank account will be?

All of them are same except?

The rent paid to landlord should be credited to?

What is the nature of sales?

Every transaction has minimum __________________?

The person or corporation from whom the business is purchased is?

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