ACCOUNTANCY One-mark questions from Previous question papers
by Jovin Thomas 1. A person to whom the business owes money is called (a) Debtor (b) Creditor (c) Manager (d) Partner 2. Decrease in the value of intangible asset is known as (a) Depletion (b) Fluctuation (c) Appreciation (d) Amortization 3. Identify the source document for recording transactions in the Sales returns book. (a) Invoice (b) Debit note (c) Credit note (d) Pay roll 4. Name the account which is temporarily opened to agree the trial balance artificially. (a) Profit and loss account (b) Trading account (c) Suspense account (d) Temporary account 5. If the closing stock is given inside the trial balance, while preparing final accounts it appears, (a) in the debit side of Trading account (b) in the credit side of Trading account (c) in the assets side of Balance sheet (d) Both (b) and (c) 6. These type of errors affect the agreement of Trial Balance. (a) Error of complete omission (b) Error of principle (c) Compensating errors (d) Error ...