Rules of Debit and Credit Quiz-1

Rules of Debit and Credit Quiz-1

Quiz

 

1. Which of the following is not an Artificial Personal Account:
   1.   Joint-stock company
   2.   ISC Board Account
   3.   Government Account
   4.   Kapil’s Account
2. “Goods Sold on Credit to Dinesh” Which two accounts are affected:
   1.   Sales Account, Cash Account
   2.   Cash Account, Dinesh’s Account
   3.   Sales Account, Dinesh’s Account
   4.   Purchase Account, Dinesh’s Account
3. Capital Account is an example of:
   1.   Nominal Account
   2.   Real Account
   3.   Representative Personal Account
   4.   Personal Account
4. Which of the following is not a Real Account:
   1.   Bank Account
   2.   Land and Building Account
   3.   Fixtures and Fitting Account
   4.   Goodwill Account
5. Which of the following is not a Real Account:
   1.   Plant&Machinery
   2.   Bank Account
   3.   Trademark Account
   4.   Software Account
6. Which of the following is not a Nominal Account:
   1.   Bad Debt Account
   2.   Depreciation Account
   3.   Repair Account
   4.   Drawing Account
7. Prepaid inurance is
   1.   Nominal account
   2.   Real account
   3.   Personal account
   4.   Prepaid account
8. Which of the following accounts will invariably have a debit balance?
   1.   Bank Account
   2.   Accounts Receivable account
   3.   Accounts payable account
   4.   Loan account
9. The rule for Real Account is:
   1.   Debit the Receiver, Credit the Giver
   2.   Debit what comes in, Credit what goes out
   3.   Debit all Expense & Loses, Credit all Income & gain
   4.   None of these
10. Goodwill account is related to
    1.   Nominal account
    2.   Personal account
    3.   Real account
    4.   Tangible account
11. ‘State Bank of India’ is an example of:
    1.   Nominal Account
    2.   Real Account
    3.   Personal Account
    4.   Impersonal Account
12. These accounts do not have any existence, form or shape. They relate to incomes and expenses and gains and losses of a business concern known as:
    1.   Nominal Account
    2.   Real Account
    3.   Personal Account
    4.   Representative Personal Account
13. The basic rule of book keeping is debit the receiver and credit the giver is applicable to
    1.   Nominal account
    2.   Real account
    3.   Personal account
    4.   Drawings account
14. Drawings account is related to:
    1.   Nominal
    2.   Personal
    3.   Real
    4.   Company drawings account
15. “Debit all Expense & Loses, Credit all Income & gain” is the rule of:
    1.   Nominal Account
    2.   Real Account
    3.   Personal Account
    4.   None of these
16. Bank account is
    1.   Personal
    2.   Real
    3.   Nominal
    4.   None of the above
17. Which of the following accounts have only credit balance?
    1.   Accounts payable account
    2.   Salaries outstanding account
    3.   Reserve fund account
    4.   All of the above account
18. Which of the following is related to nominal account
    1.   Bank account
    2.   commission account
    3.   furniture account
    4.   Interest received account
19. Debit means
    1.   an increase in assets
    2.   an increase in liability
    3.   an increase in proprietor's equity
    4.   a decrease in assets
20. “Goods purchased for Cash” What rule must be followed:
    1.   Debit what comes in, Credit what goes out
    2.   Debit what comes in, Credit all Income & gain
    3.   Debit all Expense & Loses, Credit what goes out
    4.   None of these