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MULTIPLE CHOICE QUESTIONS ANALYSIS OF BUSINESS TRANSACTIONS

Q.1

A summarized record of a person or thing is known as

(a) Journal (b) (c) Trial Balance (d) Ledger Q.2 s relating to persons and firms are called: (a) Real s (b) Nominal s (c) Valuation s (d) Personal s Q.3 s relating to properties and things owned by business are: (a) Real s (b) Nominal s (c) Proprietary s (d) Personal s Q.4 s which record expenses and income are: (a) Real s (b) Nominal s (c) Property s (d) Personal s Q.5 Real s are related to: (a) Expenses and losses (b) Income and gains (c) Customers, creditors (d) Assets Q.6 Nominal s are related to: (a) Assets and Liabilities (b) Expenses, losses & income (c) Customers, creditors (d) Assets Q.7 The basic rule of book keeping, Dr. the receiver and Cr. the giver is applicable to: (a) Personal s (b) Nominal s (c) Property s (d) Real s Q.8 The basic rule of book keeping, Dr. what comes in and Cr. what goes out is applicable to: (Gujranwala Board 2002) (a) Personal s (b) Real s (c) Nominal s (d) None of these Q.9 The system of recording business transactions having two aspects is known as: (a) Single entry system (b) Double entry system (c) Modern system (d) American system Q.10 Double entry system involves at least:

Q.11

Q.12

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Q.14

Q.15

Q.16

Q.17

Q.18

Q.19

Q.20

Q.21

Q.22

Q.23

(a) One (b) Two s (c) Three s (d) None of these Cash is kind of: (a) Personal s (b) Real s (c) Nominal s (d) None of these Salaries is kind of: (a) Personal s (b) Real s (c) Nominal s (d) None of these Taha is kind of: (a) Personal s (b) Real s (c) Nominal s (d) None of these Provision for doubtful debts is: (a) Real (b) Proprietary (c) Valuation (d) None of these Real s are also known as: (a) Property s (b) Proprietary s (c) Valuation s (d) None of these Nominal s are also known as: (a) Valuation s (b) Proprietary s (c) Property s (d) None of these American rules of Dr. and Cr. based upon: (a) British approach (b) French approach (c) ing equation (d) None of these Assets will Dr. when there is: (a) Increase in liabilities (b) increase in assets (c) Decrease in assets (d) Decrease in liabilities Capital is a kind of: (a) Personal s (b) Real s (c) Nominal s (d) Valuation of these Which of the followings will Dr.? (a) Decrease in assets (b) Decrease in Expense (c) Decrease in liability (d) Increase in income Which of the following s is increased by debit entries? (a) Capital (b) Sales (c) Building (d) Purchases Return A credit is represented by: (a) Decrease in liability (b) increase in asset (c) Increase in liability (d) Decrease in owner’s equity Personal s related to: (a) Assets and liabilities (b) Expenses and losses

Q.24

Q.25

Q.26

Q.27

Q.28

Q.29

Q.30

(c) Debtors and creditors (d) Incomes and Gains Purchase of building for cash relates to: (a) Personal s (b) Real s (c) Nominal s (d) Valuation of these Debit the increase in: (a) Assets, Revenue (b) Assets, Capital (c) Assets, Liabilities (d) Assets, expenses Credit the increase in: (a) Assets, Revenue (b) Revenue, Capital & Liabilities (c) Assets, Capital & Liabilities (d) Assets, expenses Discount received is: (a) An Assets (b) A Liability (c) A Revenue (d) An Expenses Debit the decrease in: (a) Revenue, Capital & Liability (b) Expenses, Capital (c) Losses, Liabilities (d) Assets, expenses Sales is kind of: (a) Personal s (b) Real s (c) Nominal s (d) Valuation of these All expenses & losses Dr. and all incomes & Gains Cr. applied to: (a) Personal s (b) Real s (c) Nominal s (d) All of these

ANSWERS

1 (b) 6 (b) 11 (b) 16 (b) 21 (c) 26 (b)

2 (d) 7 (a) 12 (c) 17 (c) 22 (c) 27 (c)

3 (a) 8 (b) 13 (a) 18 (b) 23 (c) 28 (a)

4 (b) 9 (b) 14 (c) 19 (a) 24 (b) 29 (c)

5 (d) 10 (b) 15 (a) 20 (c) 25 (d) 30 (c)