Q. What comes in is to be debited, what goes out is to be credited.
✅ Correct Answer: (B)
Rules of Real
Business Accounting MCQs and Notes
Q. Debit the receiver credit the giver rule for
✅ Correct Answer: (B)
Personal a/c
Q. The basic sequence in the accounting process can best be described as:
✅ Correct Answer: (D)
Transaction, source document, journal entry, ledger account, trial balance.
Q. The transferring of debit and credit items from journal to the respective accounts in the ledger is called as
✅ Correct Answer: (B)
Posting
Q. A statement containing the various ledgers balances on particular date
✅ Correct Answer: (C)
Trial balance
Q. Accounting principles are divided into two types. These are ---
✅ Correct Answer: (D)
Accounting Concepts & Accounting Conventions
Q. The purpose of financial accounts is reporting to
✅ Correct Answer: (D)
All of these
Q. Bookkeeping is a/an……………………of correctly recording of business transition.
✅ Correct Answer: (B)
Art
Q. All those to whom business owes money are:
✅ Correct Answer: (C)
Creditors
Q. P & L a/c is prepared for a period of one year by following:
✅ Correct Answer: (C)
Accounting period concept