Foundation PN-2 Accounts and Cost Quiz 8

1. The person who accepts the bill is called:

2. A Bill of Exchange is drawn by:

3. If A and B share profit equally and profit is ₹20,000, share of A is:

4. In Joint Venture, profit is shared:

5. Joint Venture is a:

6. Which of the following is non-recurring expense?

7. If goods worth ₹50,000 are sent and normal loss is 10%, cost per unit increases by:

8. Del-credere commission is given to:

9. Expenses incurred by consignee are:

10. Goods sent on consignment are credited in:

11. The consignee is:

12. Consignment is a transaction in which:

13. The purpose of creating provision for doubtful debts is to:

14. If machinery cost ₹60,000 and depreciation is 10% SLM, depreciation for first year is:

15. Diminishing Balance Method results in:

16. Straight Line Method of depreciation results in:

17. Provision for doubtful debts is created to:

18. Suspense account is used when:

19. Accrued expenses are recorded to:

20. A bank charge not recorded in Cash Book is:

21. Cheques issued but not yet presented for payment are:

22. A Bank Reconciliation Statement is prepared to:

23. A Contra entry in Cash Book is made when:

24. The Bank Column in a Cash Book records:

25. Posting from a Journal to Ledger is done to: