Q. Amount received from the proprietors as capital or loan receipt is treated as-
✅ Correct Answer: (A)
Capital Receipt ;
Financial Accounting MCQs and Notes
Q. Any income or profit derived by carrying on the business or during the course of business is called-
✅ Correct Answer: (B)
Revenue Receipt ;
Q. Overcasting of purchases journal would affect
✅ Correct Answer: (B)
Purchase account ;
Q. The type of A/c with a named credit balance is-
✅ Correct Answer: (C)
Revenue A/c ;
Q. The process of recording business transaction in a book of original entry is known as-
✅ Correct Answer: (A)
Journals ;
Q. An Investment in one asset A/c may lead to –
✅ Correct Answer: (C)
Each a or b ;
Q. The Sales Returns Day Book would include:
✅ Correct Answer: (C)
Stock that customers have returned ;