Accounting for Managers

471. The holder of a bill who endorses it is called

1. Endorse
2. Endorse
3. Accepto
4. Paye

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472. The balance of cash account indicates ______________.

1. net income for the period
2. net loss for the period
3. net cash on hand
4. net worth of the business

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473. Wages paid for erection of machinery are debited to ______________.

1. Wages account
2. Machinery account
3. Profit and loss account
4. Deferred wages account

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474. A Cheque received and deposited in the bank on the same day is recorded in the ______________.

1. cash column of the cash book
2. bank column of the cash book
3. credited in the cash book
4. debited in the cash boo

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475. Expenditure incurred on research is an example of ______________.

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

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476. Ledger is also called ______________.

1. principal book of accounts
2. cash book
3. subsidiary books
4. petty cash boo

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477. Rs. 500 spent on servicing office typewriter should be debited to ______________.

1. Miscellaneous expenses account
2. Typewriter account
3. Repairs account
4. Services account

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478. The receipts and payments account begins with ______________.

1. debit balance
2. credit balance
3. no balance
4. normal balance

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479. A debit balance in the income and expenditure account denotes excess of ______________over______________.

1. income, expenditure
2. assets, liabilities
3. liabilities, assets
4. expenditure, income

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480. Which of the following items should not be entered in receipts and payments account of a club?

1. Sale of old newspaper
2. Loss on sale of old furniture
3. Subscriptions received in advance
4. Expenses for previous year

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