Which of the following is a Nominal A/c ?

Related Mcqs:

1. Identify the nominal account

   A. Machinery account
   B. Building account
   C. Creditors account
   D. Rent expenses account

2. Which of the following is true about a trial balance?

   A. It lists down the balances of accounts
   B. It lists down the balances of a balance sheet
   C. It is a kind of financial statement
   D. It is not a part of accounting cycle

3. Which of the following account with normal balance is shown at the credit side of a trial balance?

   A. Cash account
   B. Bank account
   C. Equipment account
   D. Accrued expenses account

4. SALE of old furniture” will be recorded in which of the following specialised journals?

   A. Purchase journal
   B. Sales journal
   C. General journal
   D. Cash receipt journal

5. Liabilities are which of the following?

   A. Resources
   B. Obligations
   C. Future benefits
   D. Expenses

6. The standard format of journal does not include which of the following?

   A. Assets column
   B. Date column
   C. Description column
   D. Amount column

7. Period cost include which of the following ?

   A. selling Expense
   B. Direct labor
   C. factory overhead
   D. selling Expenses & administrative expenses

   Submitted by: Maneesh kumar

8. Which of the following is not a financial statement?

   A. Profit and Loss Account
   B. Balance Sheet
   C. Funds Flow Statement
   D. Trial Balance

9. Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?

   A. Business entity concept
   B. Money measurement concept
   C. Going concern concept
   D. Matching concept

10. Under which of the following situations, is journal entry not passed in the books of the drawer?

    A. When a discounted bill is honoured by the drawee on the due date
    B. When a bill is sent to the bank for collection
    C. When a bill is renewed at the request of the drawee
    D. When a debtor accepts a bill drawn by the drawer