Which of the following accounts can be classified as a real account?

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. 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

4. Building account is classified as _________ account?

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

5. Office equipments account is classified as _________ account?

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

6. At the time of preparation of financial accounts, bad debt recovered account will be transferred to?

   A. Debtors A/c
   B. Profit & Loss A/c
   C. Profit & Loss Adjustment A/c
   D. Profit & Loss Appropriation A/c

7. Which of the following is a real account?

   A. Office equipment
   B. Rent expenses
   C. Rent income
   D. Insurance expense

8. 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

9. On scrutiny of a firm‘s books of accounts, it was observed that the following errors have occurred in the previous years but have not yet been rectified.

   i. Depreciation for 2011-2012- 7,000 understated
   ii. Accrued expenses as at March 31, 2013 – 10,000 understated
   The impact of this on the reported net income for the year ending March 31, 2013 is

   A. 7,000 Overstated
   B. 10,000 Overstated
   C. 17,000 Understated
   D. 17,000 Overstated

10. Which of the following entries is correct in respect of reserve for discounts on accounts payable?

    A. Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
    B. Debit Accounts Payable A/c and Credit P&L A/c
    C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
    D. Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c