Buildings account is debited with an amount towards repairs. This is an example of?

Related Mcqs:

1. A journal entry in which two or more account is debited or credited is referred as____________?

   A. Journal entry
   B. Multi entry
   C. Additional entry
   D. Compound entry

2. 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

3. Goods returned by customer should be debited to which of the following accounts?

   A. Sales income account
   B. Sales account
   C. Return inward account
   D. Expenses account

4. Which of the following will be debited if a business purchases goods on credit?

   A. Cash
   B. Debtor
   C. Creditor
   D. Purchases

5. Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

   A. Drawings
   B. Cash
   C. Business
   D. Stock

6. Building account is classified as _________ account?

   A. Nominal
   B. Real
   C. Cash
   D. Capital

7. Office equipments account is classified as _________ account?

   A. Nominal
   B. Real
   C. Cash
   D. Capital

8. Amount paid to Masood posted to the credit side of his account would affect___________?

   A. Masood’s account
   B. Cash account
   C. Cash account and Gagan’s account
   D. None of these

9. Which of the following statements is true with regard to written down value method of depreciation?
   i. The rate at which the asset is written off reduces year after year
   ii. The amount of depreciation provided reduces from year to year
   iii. The rate of depreciation as well as the amount of depreciation reduce year after year
   iv. The value of the asset gets reduced to zero over a period of time

   A. Only (i) above
   B. Only (ii) above
   C. Both (i) and (ii) above
   D. (i),(ii) and (iii) above

10. Transferring entries from journal to ledger account is commonly known as____________?

    A. Recording
    B. Transferring
    C. Posting
    D. Entry making