CBSE Questions for Class 9 Elements Of Book Keeping And Accountancy Nature Of Accounts And Rules Of Debit And Credit Quiz 8 - MCQExams.com

Depreciation written off 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
Goods distributed as free samples is an example of _________.
  • No change in Owner's Equity
  • Increase in Asset & Owner's Equity
  • Decrease in assets & Owner's Equity
  • None of these
Goods destroyed by fire is an example of __________.
  • Decrease in Assets and Owners Equity
  • Increase in Asset & Owner's Equity
  • Decrease in Liability & Owner's Equity
  • None of these
An example of increase in assets and increase in owner's capital is __________.
  • Goods purchased for cash
  • Goods purchased on credit
  • Goods brought in by owner
  • Capital introduced by owner
Loan from Mahesh Account is ______________.
  • An Asset Account
  • A Liability Account
  • A Revenue Account
  • An Expense Account
Goods destroyed by Fire is _______________.
  • An Asset Account
  • A Liability Account
  • A Revenue Account
  • An Expense Account
Credit means ________.
  • an increase in asset
  • an increase in liability
  • a decrease in liability
  • a decrease in proprietor's equity
Debit means ________.
  • An increase in liability
  • An increase in asset
  • A decrease in asset
  • An increase in proprietor's equity.
Making Provision for Discount on Debtors 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
Sale Return Book is a part of _______.
  • Journal.
  • Ledger.
  • Cash Book.
  • none of these.
Making Provision for Doubtful Debts 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
Journal is a book of __________.
  • original entry
  • all cash transactions
  • secondary entry
  • all non-cash transactions
Sales of the Scrap of raw materials appearing in the trial balance are shown on the credit side of _______.
  • Trading account
  • Manufacturing account
  • Profit and Loss A/c
  • None of these
DEBIT signifies _________________.
  • Increase in assets account
  • Decrease in liability account
  • Decrease in capital account
  • All of the above
Journal and subsidiary books in which transactions and events are first recorded are known as _____________.
  • Secondary books.
  • Memorandum books.
  • Primary books.
  • Principal books.
Accounting entries for the repayment of a loan received from Richard, the owner's friend is _____________________.
  • Debit Cash account and Credit capital account
  • Credit cash account and Debit Richard's loan account
  • Credit cash account and Debit capital account
  • Debit cash account and Credit Richard's loan account
If wages are paid for construction of business premises,_______A/c is credited and ____ A/c is debited.
  • Wages, Cash
  • Premises, Cash
  • Cash, Wages
  • Cash, Premises
A ______ is an accounting document representing an internal intent to make a payment to an external entity, such as a vendor or service provider.
  • Debit Note
  • Credit Note
  • Voucher
  • Invoice
What will be journal entry when cash is withdrawn from bank for personal use?
  • Drawings A/c debit, bank A/c credit
  • Cash A/c debit, drawings A/c credit
  • Bank A/c debit, drawings A/c credit
  • Bank A/c debit, capital A/c credit
The _________ is a document that a seller passes to a buyer at the time of a specific purchase of goods or services. It is the equivalent of an invoice and is only used to record transactions that are paid for using cash, rather than bank transactions.
  • Voucher
  • Invoice
  • Cash memo
  • Credit memo
A ___________ voucher is a document which comprises of all the details of an accounting transaction.
  • Journal
  • Petty Cash
  • Debit
  • Credit
When a liability is reduced or decreased, it is recorded on the ______________.
  • left or credit side of the liability account
  • right or debit side of the liability account
  • right or credit side of the liability account
  • left or debit side of the liability account
Details of Outward supplies shall include _______________.
  • Invoice
  • Credit and Debit notes
  • Revised invoice issued in relation to outward supplies
  • All the above
Required return is 15% and premium for risk is 11% then risk free return would be _____________.
  • 26.00%
  • 4.00%
  • 16.50%
  • 1.36%
Financial risk is most associated with ___________________________.
  • the use of equity financing by corporations
  • the use of debt financing by corporations
  • equity investments held by corporations
  • debt investments held by corporations
Under the head Business or Profession, the method of accounting which an assessee can follow shall be ___________.
  • Mercantile system only
  • Cash system only
  • Mercantile or cash system only
  • Hybrid system
The two types of cash vouchers include debit vouchers and ____________ vouchers.
  • Credit
  • Memo
  • Receipt
  • Payment
An entry which has more than one debit and or credit is called ________.
  • single
  • multiple
  • compound
  • none of these
Which of the following statements is 'True'?
  • Building Account is a nominal account
  • Outstanding rent account is a non-personal account
  • Every debit has a corresponding credit
  • Income is debited
State whether true or false:
There is no set format of an accounting voucher.
  • True
  • False
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Practice Class 9 Elements Of Book Keeping And Accountancy Quiz Questions and Answers