Quiz 1

Who is the creator of double entry accounting system?

• Williams

• L H Haney

• Pacioli

• Robinsons

From following options which is a accounting Concept?

• Debit

• Credit

• Matching

• Compensating

According to the concept of conservation, the stock-in-trade is valued at:

• Cost Price

• Market Price

• Cost or Market which ever is higher

• Cost or Market which ever is lower

Establishment expenses of a new machine will be debited in ............. account

• Expenses

• Machine

• Profit & Loss

• None of the above

On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -

• Debited by Rs. 1425

• Credited by Rs. 1425

• Credited by Rs. 1500

• Debited by Rs. 1575

Object to keep fixed assets is

• Long-term use

• Resale

• Liquidity

• All of the above