Which of the following is known as the base for preparing trial balance?
(A) Journal
(B) Cash account
(C) Ledger account
(D) Balance sheet
_________ will be credited if goods are given as charity?
(A) Cash
(B) Charity
(C) Purchases
(D) Sales
If debit side of a bank account is greater than credit side it indicates which of the following?
(A) Cash at bank
(B) Bank understatement
(C) Bank overdraft
(D) Balance overstatement
If credit side of a bank account is greater than the debit side, it indicates which of the following?
(A) Bank overdraft
(B) Cash at bank
(C) Bank balance
(D) Current Asset
An account records the ___________ in the balance of an item?
(A) Increase
(B) Decrease
(C) Increase or decrease
(D) Appreciation
The Basic accounting equation is___________?
(A) Asset=Expense +Income
(B) Assets=Cash+Capital
(C) Assets=Capital+Liabilities
(D) Assets=Expenses+Capital
Which of the following is the closing balance of a ledger account?
(A) Balance c/d
(B) Balance b/d
(C) Balance e/d
(D) Balance f/c
Which of the following accounts are closed at the end of an accounting period?
(A) Nominal accounts
(B) Balance sheet accounts
(C) Real accounts
(D) None of them
Which of the following is a real account?
(A) Office equipment
(B) Rent expenses
(C) Rent income
(D) Insurance expense
___________ helps business to classify transactions according to their nature?
(A) General journal
(B) Real accounts
(C) Ledger accounts
(D) Cash accounts