(A) Initially in the Sale or Return Ledger. Thereafter, in the Sale or Return Day Book
(B) Initially in the Sale or Return Day Book. Thereafter, in the Sale or Return Ledger
(C) Only in the Sale or Return Day Book
(D) Only in the Sale or Return Ledger
Tag: Accounting Mcqs
Who bears noting charges in case of dishonor of a bill of exchange?
(A) Drawer
(B) Drawee
(C) Both
(D) Bank
Under which method of depreciation annual depreciation fluctuate with the volume of production?
(A) Sum of Years‘ Digit Method
(B) Production Method
(C) Written Down Value Method
(D) None
Suspense A/c is generally opened to rectify __.
(A) Errors of principle
(B) One sided errors
(C) Compensating errors
(D) All types of errors
The term Imprest system is related to__.
(A) Petty cash
(B) Inventory valuation
(C) Classification of assets
(D) None
On the debit side of a Sales A/c entry can be for which of these reasons?
(A) Sales returns
(B) Discount allowed
(C) Both
(D) Additional sales
Which of these items will not be capitalized along with the Asset?
(A) Installation charges
(B) Annual repair and maintenance
(C) Statutory levies
(D) Freight and insurance
Which of these is an example of accelerate method of depreciation?
(A) Written down value method
(B) Straight line method
(C) Sinking fund method
(D) Annuity method