Nature of Account MCQs

1) The basic rule, debit what comes in and credit what goes out is applicable to
(A) Personal accounts
(B) Natural personal accounts
(C) Nominal accounts
(D) Real accounts

2) The claim of the outsiders against the assets of the business is called
(A) Loans
(B) Sundry Creditors
(C) Liabilities
(D) Capital

3) Nominal accounts are related to:
(A) Assets
(B) Expense, losses and income
(C) Liabilities
(D) Firm or business

4) The basic rule of bookkeeping debit the receiver and credit the giver
(A) Personal accounts
(B) Real accounts
(C) Nominal accounts
(D) Valuation accounts

5) The rule of debit all expenses and losses and credit all gains and income is applicable to
(A) Real accounts
(B) Nominal accounts
(C) Personal accounts
(D) Artificial Personal accounts


6) Personal accounts are related to
(A) Assets and liabilities
(B) Expense, losses and income
(C) Customers, creditors etc
(D) None of these

7) Real accounts are related to
(A) Assets
(B) Expense, losses and income
(C) Customers, creditors etc
(D) Liabilities

8) When an account represents certain person or persons then it is called
(A) Natural Personal accounts
(B) Artificial Personal accounts
(C) Real accounts
(D) Representative Personal accounts

9) Account relating to the persons or firms is called
(A) Personal accounts
(B) Real accounts
(C) Nominal accounts
(D) All of the above

10) Accounts which keep the record of properties owned by a trader, are called
(A) Personal accounts
(B) Real accounts
(C) Nominal accounts
(D) None of these



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