Accountancy and Book Keeping Questions with solutions MCQs

1. Interest on capital in a business can be defined as:

A

Expense

B

Income

C

Liability

D

Asset

Accountancy and Book Keeping Accounts Assistant LAHDC
Correct Answer : A
Explanation :

Expense

Correct Answered :

Wrong Answered :

2. The________ accounting system provides a system of checks and balances:

A

Single Entry

B

Financial Entry

C

Double Entry

D

Triple Entry

Accountancy and Book Keeping Accounts Assistant LAHDC
Correct Answer : C
Explanation :

Double Entry

Correct Answered :

Wrong Answered :

3. Which of the following item will be shown on debit side of debtors account:

A

Discount received

B

Discount given

C

Discount allowed

D

Credit sales

Accountancy and Book Keeping Accounts Assistant LAHDC
Correct Answer : D
Explanation :

Credit sales

Correct Answered :

Wrong Answered :

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