C:-Credit
D:-Debit
Correct Answer:- Option-A
Question29:-Amount spend in order to produce and sell goods and service is called
A:-Expense
B:-Income
C:-Revenue
D:-Asset
Correct Answer:- Option-A
Question30:-Going concern assumption tell us the life of business is
A:-Very long
B:-Very short
C:-Less than one year
D:-For one year
Correct Answer:- Option-A
Question31:-Goodwill is an example of
A:-Tangible asset
B:-Intangible asset
C:-Wasting asset
D:-Fictitious asset
Correct Answer:- Option-A
Question32:-L. F. column in the joumnals is filled at the time of
A:-Journalising
B:-Posting
C:-Balancing
D:-Trial balance
Correct Answer:- Option-B
Question33:-The double entry system of book keeping was developed by
A:-Stevenson
B:-Wilson
C:-Luca Paciolo
D:-Churchil
Correct Answer:- Option-C
Question34:-Purchase of machinery on credit is recorded in
A:-Sales day book
B:-Journal proper
C:-Purchase day book
D:-Purchase retum book
Correct Answer:- Option-B
Question35:-Goods retumed by customers are recorded in
A:-Sales book
B:-Purchase book
C:-Purchases retum book
D:-Sales retum book
Correct Answer:- Option-D
Question36:-On *1~(st}* January 2003, Chandran draws a bill on Sundar for 3 months, its due date is
A:-"317(st)” March 2003
B:-'1~(st)" April 2003
C:-*4~(th)" April 2003
D:-"107(th)" April 2003
Correct Answer:- Option-C
Question37:-The balance of cash book indicates
A:-Net income
B:-Cash in hand
C:-Difference between debtors and creditors
D:-None of the above
Correct Answer:- Option-B
Question38:-Goods taken by the proprietor for domestic use should be credited ‏ما‎
‎A:-Proprietor's drawings account