Revenue and expense accounts are referred as______________?

Related Mcqs:

1. The real accounts are accounts of Assets, liabilities and ___________?

   A. Expenses
   B. Revenues
   C. Capital
   D. Drawing

2. A chart of accounts generally start with which of the following types of accounts?

   A. Assets accounts
   B. liability accounts
   C. Cash accounts
   D. Revenue accounts

3. During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

   A. Rs. 33,000
   B. Rs. 25,000
   C. Rs. 17,000
   D. Rs. 8,000

4. Which of the following is the normal balance of a rent expense account?

   A. Credit balance
   B. Cash balance
   C. Overdraft
   D. Debit balance

5. Uncollected checks also referred as______________?

   A. Unpresented checks
   B. Uncredited checks
   C. Outstanding checks
   D. Bounced checks

6. Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?

   A. The bad debt expense is not matched with the related sales
   B. Revenue is overstated in the year of sales
   C. It violates the matching principle of accounting
   D. All of the above

7. Which of the following accounts are closed at the end of an accounting period?

   A. Nominal accounts
   B. Balance sheet accounts
   C. Real accounts
   D. None of them

8. A book wherein various accounts are opened is called____________?

   A. Subsidiary books
   B. Journal
   C. Ledger
   D. Trial Balance

9. The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?

   A. Sales
   B. Purchases
   C. Inward returns
   D. Closing stock

10. Which of these errors affect two or more accounts

    A. Errors of complete omission
    B. Errors of principle
    C. Errors of posting to wrong account
    D. All the three