Accounting for Managers

541. Drawings account is related to ______________

1. Nominal Account
2. Personal Account
3. Real Account
4. None of the abov

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542. Returns outward book makes a record of ______________

1. goods returned to the suppliers
2. goods returned to customers
3. goods returned to proprietor
4. goods returned to neighbors

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543. Error of commission do not allow ______________

1. correct totalling of the balance sheet
2. correct totaling of the trial balance
3. the trail balance to agree
4. correct totaling of the day book

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544. Cancelling the original bill and drawing a fresh acceptance is known as ______________.

1. retiring under rebate
2. Discounting
3. Renewal
4. bill sent to bank for collection

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545. In accounting, the benefit giving aspect is said to be

1. Debit
2. Credit
3. Debit and Credit
4. None of these

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546. The person who writes out the bill of exchange is known as

1. Payee
2. Drawee
3. Drawer
4. Acceptor

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547. The balance of the petty cash book is ______________.

1. an asset
2. a liability
3. an income
4. an expenditure

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548. Revenue expenditure is intended to benefit ______________.

1. current period
2. future period
3. past period
4. both (1) and (2)

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549. The person to whom the bill is endorsed is called ______________

1. Endorse
2. Endorse
3. Drawe
4. Drawe

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550. Purchases made on credit not recorded at all would affect ______________.

1. Purchases account
2. Suppliers account
3. Purchases account and suppliers account
4. Wages account

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