Computers taken on hire by a business for a period of twelve months should be classified as:___________?

Related Mcqs:

1. A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book

   A. $1000 will be added to cash book balance
   B. $2000 will be deducted from cash book balance
   C. $3000 will be added to cash book balance
   D. $3000 will be subtracted from cash book balance

2. 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

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. A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?

   A. 30th June,2018
   B. 1st July,2018
   C. 4th July,2018
   D. 4th August,2018

5. X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?

   A. 4-4-2013
   B. 3-4-2013
   C. 1-4-2013
   D. 31-3-2013

6. In support of business transaction, any written evidence is called ___________?

   A. Discount
   B. Voucher
   C. Allowance
   D. Price

7. ___________ helps business to classify transactions according to their nature?

   A. General journal
   B. Real accounts
   C. Ledger accounts
   D. Cash accounts

8. ___________ are checks that are issued by the business but not yet presented to bank

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

9. Which of these items are taken into consideration for preparation of adjusted Cash Book

   A. Mistake in Cash Book
   B. Mistake in Pass Book
   C. Cheque issued but not presented for payment
   D. Cheques deposited but not cleared

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

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