Accounting for Managers

511. In triple column cash book, cash withdrawn from bank for office use will appear in ______________

1. debit side of the cash book only
2. both sides of the cash book
3. credit side of the cash book only
4. credit side of the bank account

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512. The appropriate book to record credit purchase of machinery is ______________.

1. purchases book
2. journal
3. cash book
4. petty cash book

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513. Interest on drawings is ______________

1. expenditure for the business
2. expense for the business
3. gain for the business
4. loss for the business

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514. A bill drawn and accepted for providing funds to a friend in need is known as ______________

1. Cheque.
2. promissory note.
3. accommodation bill.
4. demand bill.

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515. Which of the following is related to nominal account?

1. Bank account
2. Commission account
3. Furniture account
4. Interest received account

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516. Goods destroyed by fire should be credited to ______________

1. Purchases account
2. Sales account
3. Loss of goods by fire account
4. Insurance account

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517. Errors which affect one account can be ______________

1. errors of omission
2. errors of principle
3. errors of posting
4. error of commission

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518. Bills are drawn by ______________

1. Creditors
2. Debtors
3. Agent
4. Brokers

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519. The Letter "c" is shown in the Cash book which means ______________

1. consignment
2. Commitment
3. Contra Entry
4. Cash entry

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520. Daily Record of Transaction means

1. Ledger
2. Journal
3. Trial Balance
4. None of these

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