Accounting for Managers

441. Errors of carry forward from one year to another year affect ______________

1. personal account
2. real account
3. nominal account
4. both personal and real account

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442. Average due date can be called as ______________

1. mean due date
2. median due date
3. mode due date
4. zero date

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443. The person upon whom the bill of exchange is drawn is called ______________

1. Drawer
2. Drawer
3. Payee
4. Maker

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444. When furniture is sold for cash, the entry should be made in ______________.

1. sales book
2. cash book
3. Journal.
4. petty cash book.

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445. A Cheque received and paid into the bank on the same day id recorded in the ______________.

1. a. cash column of the cash book
2. a. bank column of the cash book
3. a. both the cash and bank columns of the book
4. a. the credit balance as per pass book

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446. Amount paid for acquiring goodwill is ______________.

1. revenue expenditure
2. deferred revenue expenditure
3. capital expenditure
4. deferred capital expenditure

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447. Purchase journal is kept to record ______________.

1. cash sales
2. credit sales of assets
3. credit sales of goods
4. credit purchase

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448. Petty cash may be used to pay ______________.

1. the expenses relating to postage and conveyance
2. salaries and wages to the final staff
3. for the purchase of furniture and fittings
4. other recurring expense

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449. Expenditure incurred by a publisher for acquiring copyrights is a ______________.

1. capital expenditure
2. reserve expenditure
3. deferred reserve expenditur
4. capital receipts

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450. A gross profit is transferred to the ______________side of the profit and loss account.

1. Debit
2. Credit
3. Current
4. Asset

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