Ledger or T accounts MCQs

11)

Which of the following statements is incorrect regarding capital account?

A)  Debit increases the capital account balanceRIGHT ANSWER!!!

B)  Credit increases the capital account balanceWRONG ANSWER

C)  Fresh capital increases the capital account balanceWRONG ANSWER

D)  Net income increases the capital account balanceWRONG ANSWER


12)

Which of the following is the normal balance of a rent expense account?

A)  Credit balanceWRONG ANSWER

B)  Cash balanceWRONG ANSWER

C)  OverdraftWRONG ANSWER

D)  Debit balanceRIGHT ANSWER!!!


13)

Revenue and expense accounts are referred as

A)  Nominal accountsRIGHT ANSWER!!!

B)  Real accountWRONG ANSWER

C)  Cash accountsWRONG ANSWER

D)  Banks accountWRONG ANSWER


14)

The real accounts are accounts of Assets, liabilities and ________

A)  ExpensesWRONG ANSWER

B)  RevenuesWRONG ANSWER

C)  CapitalRIGHT ANSWER!!!

D)  DrawingWRONG ANSWER


15)

Building account is classified as _________ account

A)  NominalWRONG ANSWER

B)  RealRIGHT ANSWER!!!

C)  CashWRONG ANSWER

D)  CapitalWRONG ANSWER


16)

Office equipments account is classifed as _________ account

A)  NominalWRONG ANSWER

B)  RealRIGHT ANSWER!!!

C)  CashWRONG ANSWER

D)  CapitalWRONG ANSWER


17)

___________ helps business to classify transactions according to their nature

A)  General journalWRONG ANSWER

B)  Real accountsWRONG ANSWER

C)  Ledger accountsRIGHT ANSWER!!!

D)  Cash accountsWRONG ANSWER


18)

Which of the following is a real account?

A)  Office equipmentRIGHT ANSWER!!!

B)  Rent expensesWRONG ANSWER

C)  Rent incomeWRONG ANSWER

D)  Insurance expenseWRONG ANSWER


19)

Which of the following accounts are closed at the end of an accounting period?

A)  Nominal accountsRIGHT ANSWER!!!

B)  Balance sheet accountsWRONG ANSWER

C)  Real accountsWRONG ANSWER

D)  None of themWRONG ANSWER


20)

Which of the following is the closing balance of a ledger account?

A)  Blance c/dRIGHT ANSWER!!!

B)  Balance b/dWRONG ANSWER

C)  Balance e/dWRONG ANSWER

D)  Balance f/cWRONG ANSWER