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
:-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 journals is filled at the time of
A:-Journalising
-Posting
C:-Balancing
D:-Trial balance
Correct Answer:- Option-B
Question33:-The double entry system of book keeping was developed by
A:-Stevenson
-Wilson
C:-Luca Paciolo
D:-Churchil
Correct Answer:- Option-C
Question34:-Purchase of machinery on credit is recorded in
A:-Sales day book
-Journal proper
C:-Purchase day book
D:-Purchase return book
Correct Answer:- Option-B
Question35:-Goods returned by customers are recorded in
A:-Sales book
B:-Purchase book
C:-Purchases return book
D:-Sales return book
Correct Answer:- Option-D
Question36:-On *1*(st)° January 2003, Chandran draws a bill on Sundar for 3 months, its due date is
3176607 118/0೧ 2003
:-°14(st)* April 2003
C:-4%(th)* April 2003
D:-"10(th)* April 2003
Correct Answer:- Option-C
Question37:-The balance of cash book indicates
A:-Net income
-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 to
A:-Proprietor's drawings account