CBSE Questions for Class 9 Elements Of Book Keeping And Accountancy Nature Of Accounts And Rules Of Debit And Credit Quiz 10 - MCQExams.com

A cash receipt may cause ___________.
  • Increase in liability
  • Decrease in other asset
  • Reduction in one asset and increase in other asset
  • All of the above
Accounts are broadly classified into ______.
  • Real
  • Personal
  • Nominal
  • All of the above
ABC Ltd. acquired a new Machine for Rs. $$500,000$$ on $$1$$st April $$2013$$ and spent Rs. $$10,000$$ on its installation and Rs. $$5,000$$ on transportation. The useful life of the machine is estimated $$10$$ years. The firm provides depreciation using sum of years digit method. what is the depreciation for the year $$2013-14$$.
  • Rs. $$93,636$$
  • Rs. $$89,100$$
  • Rs. $$75,908$$
  • Rs. $$1,01,300$$
Rent account is a ___________.
  • personal account
  • real account
  • nominal account
  • none of the above
Journal is also called ______.
  • Subsidiary book
  • Daily event book
  • History sheet
  • Log book
For real a/c debit means _____.
  • Addition
  • Reduction
  • Consumption
  • Exhaustion
Stock valued at Rs. $$20,000$$ sold for cash at Rs. $$24,000$$ would cause ____________________.
  • decrease in current assets by Rs. $$20,000$$
  • Increase in owners equity and total assets by Rs. $$4,000$$
  • increase in debtors by Rs. $$24,000$$
  • none of these
ABC Ltd. acquired a new Machine for Rs. $$500,000$$ on $$1$$st April $$2012$$ and spent Rs. $$10,000$$ on its installation and Rs. $$5,000$$ on transportation. The useful life of the machine is estimated $$10$$ years. The firm provides depreciation using sum of years digit method. what is the depreciation for the year $$2013-14$$.
  • Rs. $$93,636$$
  • Rs. $$89,100$$
  • Rs. $$84,272$$
  • Rs. $$91,300$$
Received Rs 1100 from M/s Manoj against the outstanding debt of Rs 1100 due from him. The nature of entry to record this transaction is _______.
  • Compound entry
  • Simple entry
  • Contra entry
  • Complex
Which of these are the advantages of the subsidiary books?
  • Division of work
  • Specialization and efficiency
  • Saving of time
  • All the three
Another term used for recording a business transaction is ___________.
  • Journalizing
  • Vouching
  • Ledger posting
  • Consolidation
Journalising process is in __________.
  • Analytical manner
  • Summarized manner
  • Chronological order
  • None of the above.
Accounts recording transactions with a person or group of persons are known _____________.
  • Personal accounts
  • Real accounts
  • Nominal accounts
  • Impersonal accounts
A voucher refers to a/an __________. 
  • invoice received from suppliers
  • document in support of an entry made in the books of account
  • receipt issued to a customer for cash received
  • all the above
Which of the following would prevent double payment of the same voucher?
  • The person signing the cheque should cancel the supporting documents.
  • Cheques should be signed by at best two persons.
  • The data of payment of vouchers of similar nature should be the same of close to each other.
  • All of the above.
If the premium is paid on the life policy of the proprietor of the business, it is _____________.
  • treated as the drawings and is shown by way of deduction from the capital account
  • taken to the Trading Account
  • taken to the Profit and Loss Account and is shown as an expense
  • taken to the Balance Sheet and is shown as an asset
Goods withdrawn by owner for personal use is an example of __________.
  • No change in Owner's Equity
  • Increase in Asset & Owner's Equity
  • Decrease in Liability & Owner's Equity
  • None of these
The rule for nominal accounts is ____________.
  • debit the receiver, credit the giver
  • debit what comes in, credit what goes out
  • debit all expenses and losses, credit all incomes and gains
  • all of the above
A second-hand car is purchased for Rs. 80,000, the amount of Rs. 1,000 is spent on its repairs, Rs. 500 is incurred to get the car registered in owners name and Rs. 1,500 is paid as dealers commission. The amount debited to car account will be __________.
  • Rs. 81,000
  • Rs. 81,500
  • Rs. 80,000
  • Rs. 83,000
Income earned which is yet to be received results in _________________.
  • Increases in capital and increase in liability
  • Decrease in liability and increase in capital
  • Increase in asset and increase in liability
  • Increase in capital and increase in asset.
Cash withdrawn by owner personal for use is an example of _________.
  • Increase in Asset & Owner's liability
  • Decrease in Asset & Owner's liability
  • Increase in Liability & Owner's liability
  • Decrease in Liability & Increase in Owner's liability
  • Increase in Liability & Decrease in Owner's liability
Bank account is a ________.
  • Real account
  • Personal account
  • Nominal account
  • Valuation account
Discount allowed is an example of ________.
  • Increase in Asset & Owner's Liability
  • Decrease in Asset & Owner's Liability
  • Increase in Liability & Owner's Liability
  • Decrease in Liability & Increase in Owner's Liability
  • Increase in Liability & Decrease in Owner's Liability
An example of a Decrease in liabilities and increase in owner's capital is _________.
  • Accrued Interest
  • Outstanding Rent
  • Bills Payable Accepted
  • Conversion of Partner's loan into capital
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Practice Class 9 Elements Of Book Keeping And Accountancy Quiz Questions and Answers