Accountancy - 13

      Buying of goods with the intention of resale is called…….

• Purchase

• Sales

• Income

• Stock

    In India, accounting standards are issued by

• RBI

• Cost and Management of India  

• Supreme court of India 

• ICAI

     Which one of the following is representative personal account?

•       Building account

• Outstanding salary account

•        Mahesh account

•        Balan & Co account

       Ledger is known as……… of account

• Original entry  

• Prime entry  

• First entry  

• Principal book

     Trial balance is normally prepared at the end of the …….

• Any Day

• End of the month 

• At the end of the quarter 

• Accounting Period

       The person who prepares the bill is called …….

• Drawer

•   Drawee

• Debtor 

• Payee

        Purchase of car for office use is recorded in ……

• Purchases book   

• Sales book  

• Journal Proper

• Drawings

       Which of the following is recorded as contra entry?

•        Withdrew cash from bank for personal use

•        Withdrew cash from bank for office use

•       Direct payment by the customer in the bank account of the business

•       When bank charges interest

      The amount given to the petty cashier in advance is known as

• Single entry system  

• Bank OD 

• Cash balance  

• Intrest money

       When money is withdrawn from bank, the bank.

•        Credits Customer’s account

•        Debit Customer’s account

•        Debits and credits customers account

•       None of these