Commerce: Accounts MCQs

Income rceived in advance
bank loan
prepaid insurance premium
reserve for doubtful debits

Answer

decrease the total assets
increase the total assets
result in no change in the total assets
increase the total liabilities

Answer

debit X a/c, credit purchase return a/c
debit X a/c, credit cash a/c
Debit sales return a/c,credit X a/c
debit X a/c,credit sales a/c

Answer

sales a/c
purchase a/c
charity a/c
None of these

Answer

all cash receipt
all cash payment
all cash receipt and payments
cash and credit sale of goods

Answer