Rules of Debit and Credit

What is book keeping

• processing

• recording

• analysing

• interpreting

Which one is current asset

• land

• asset

• cash

• investment

Bank account is a

• personal

• real

• nominal

Drawings account is related to

• nominal

• real

• personal

• company's drawings account

How many golden rules are there in accounting

• 3

• 6

• 8

Which of the following is related to nominal account

• bank account

• commission account

• furniture account

Goodwill account is related to

• nominal account

• personal account

• real account

• tangible account

Prepaid Insurance is

• nominal account

• personal account

• real account

• prepaid account

According to the going concern concept, a business entity is assumed to have

• an indefinite life

• a long life

• for a short period

Revenue is considered as being earned when

• production is done

• cash is received

• sale occurred

• purchase is done