Quiz on Meaning and Fundamentals of Double Entry Book-Keeping

#1. Debit the receiver, Credit the …………………

#2. Goodwill is …………… asset.

#3. Machinery Account is …………. Account.

#4. Radha’s Account is a type of …………. Account.

#5. Bank of India is a …………… account.

#6. Income received in advance is a …………… account.

#7. International Accounting day is observed on ………..

#8. Every debit has corresponding ………………………..

#9. In every business transaction there must be minimum ……….. effects.

#10. Debit what comes in, Credit what …………………

#11. Live stock A/c is a …………… account

#12. Deshinama System is another name for …………….. System of accounting.

#13. Conventional system of accounting is……………

#14. Loan A/c is a ………. account

#15. Prepaid Expenses is ………… account.

#16. Trade Mark A/c is a ………….. account

#17. Debit all ……………….. and credit all incomes and gains

#18. Income – tax account is a …………… account .

#19. Loose Tools account is a ………… account.

#20. Capital account is a Real account

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