Which of the following is a representative Personal A/c?

Related Mcqs:

Bookkeeping mainly concerns with which part of accounting process?

A. Analyzing B. Preparing financial statements C. Recording financial information D. Auditing the books of accounts...

Which of the following is true regarding closing entries?

A. They must be followed by reversing entries B. They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account C. They must be made after the reversing entries but before the adjusting entries D. They must be made after the adjusting entries but before the reversing entries...

Expenses of the following nature are treated as a Revenue expenses except__________?

A. Expenses for day to day running of the business B. Putting the new asset in working condition C. Depreciation D. Purchase of raw material...

If actual bad debts are more than the provision for bad debts, then there will be a_____________?

A. Credit balance of Provision for Bad Debts Account B. Debit balance of Provision for Bad Debts Account C. Debit balance of Bad Debts Account D. Debit balance of Discount on Debtors Account...

Which of the following is not true with regard to preparation of Profit & Loss Account?

A. Profit & Loss Account is prepared for a certain period and hence it is an interim statement B. Profit & Loss Account does not disclose the effect of non-financial items C. Net Profits are ascertained on the basis of current costs D. Net Profits as disclosed by P&L Account is not absolute...