Office equipments account is classified as _________ account?

Related Mcqs:

1. Building account is classified as _________ account?

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

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

   A. Rent expenses account B. Rent income account C. insurance expenses account D. Cash account...

3. Identify the nominal account

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

4. If debit side of a bank account is greater than credit side it indicates which of the following?

   A. Cash at bank B. Bank understatement C. Bank overdraft D. Balance overstatement...

5. Which of the following statements is incorrect regarding capital account?

   A. Debit increases the capital account balance B. Credit increases the capital account balance C. Fresh capital increases the capital account balance D. Net income increases the capital account balance...

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

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

7. Which of the following is a real account?

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

8. Collection of account receivable will

   A. Increase assets and decrease assets B. Increase assets and decrease liabilities C. Increase assets and increase capital D. Increase assets and increase cash...

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

   A. Error of commission B. Error of principle C. Error of omission D. Compensating error...

10. Which of the following is not true with regard to preparation of Profit & Loss Account?

    A. Profit & Loss Account is prepared for a certain period and hence it is an interim statement B. Profit & Loss Account does not disclose the effect of non-financial items C. Net Profits are ascertained on the basis of current costs D. Net Profits as disclosed by P&L Account is not absolute...