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  • Personal Real Nominal Mcqs

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    asfandiyar
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    The document provides answers to multiple choice questions about the nature and classification of accounts. It addresses topics such as: - Nominal accounts relate to expenses, income, losses and gains. - Personal accounts relate to individuals or entities. - Real accounts relate to assets. - The basic rules of debit and credit apply differently to nominal, personal and real accounts. - Double entry system is used to record transactions for real and nominal accounts.

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    The document provides answers to multiple choice questions about the nature and classification of accounts. It addresses topics such as: - Nominal accounts relate to expenses, income, losses and gains. - Personal accounts relate to individuals or entities. - Real accounts relate to assets. - The basic rules of debit and credit apply differently to nominal, personal and real accounts. - Double entry system is used to record transactions for real and nominal accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    4K views6 pages

    Personal Real Nominal Mcqs

    Uploaded by

    asfandiyar
    The document provides answers to multiple choice questions about the nature and classification of accounts. It addresses topics such as: - Nominal accounts relate to expenses, income, losses and gains. - Personal accounts relate to individuals or entities. - Real accounts relate to assets. - The basic rules of debit and credit apply differently to nominal, personal and real accounts. - Double entry system is used to record transactions for real and nominal accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 6

    21) Rent, Salaries and Wages paid are

    (A) Real accounts


    (B) Personal accounts
    (C) Nominal accounts
    (D) None of these

    View Answer
    Answer: Option C

    22) Yasir’s account is an example of


    (A) Real accounts
    (B) Personal accounts
    (C) Nominal accounts
    (D) None of these

    View Answer
    Answer: Option B

    23) Stationery account is an example of


    (A) Consumable Asset
    (B) Loss
    (C) Expense
    (D) None of these

    View Answer
    Answer: Option A

    24) Cash and personal accounts are maintained in


    (A) Double Entry System
    (B) Single Entry System
    (C) Multiple Entry System
    (D) None of these

    View Answer
    Answer: Option B

    25) Real and nominal accounts are maintained under


    (A) Single Entry System
    (B) Double Entry System
    (C) Triple Entry System
    (D) Multiple Entry System

    View Answer
    Answer:   Option B

    26) Purchase machinery on account will be credited to


    (A) Creditor account
    (B) Purchase account
    (C) Furniture account
    (D) Cash account
    View Answer
    Answer:   Option A

    27) Which of the following account is increased by debit entries


    (A) Capital account
    (B) Sales account
    (C) Building account
    (D) Purchase return account

    View Answer
    28) Nominal accounts are related to
    (A) Asset
    (B) Liability
    (C) Creditor
    (D) Expense + Income

    View Answer
    Answer:   Option D

    29) Cash is a kind of?


    (A) Personal account
    (B) Real account
    (C) Nominal account
    (D) None of these

    View Answer
    Answer:   Option B

    30) Which of the following accounts is decreased by debit entries?


    (A) Capital account
    (B) Purchase account
    (C) Building account
    (D) Sales return account

    View Answer
    Answer:   Option A

    31) Capital account is related to


    (A) Nominal account
    (B) Real account
    (C) Personal account
    (D) None of these

    View Answer
    Answer:   Option C

    ature of Account Page-2


    11) A debit represents an increase in
    (A) An asset
    (B) An equity
    (C) Liability
    (D) Owner’s equity
    View Answer
    Answer: Option A

    12) The accounts, which have their existence even after the close of the year, are known as
    (A) Nominal accounts
    (B) Real accounts
    (C) Personal accounts
    (D) Tangible accounts
    View Answer
    Answer: Option B

    13) If an account shows a debit balance, it represents


    (A) Income
    (B) Expense
    (C) Liability
    (D) Capital
    View Answer
    Answer: Option B

    14) A credit represents by


    (A) A decrease in an equity
    (B) A decrease in a liability
    (C) A decrease in an asset
    (D) A decrease in owner’s equity
    View Answer
    Answer: Option C

    15) Discount received is a


    (A) Asset
    (B) Liability
    (C) Revenue
    (D) Expenses

    View Answer
    Answer: Option C

    16) The entry system in which cash account and personal accounts are maintained is called
    (A) Double Entry System
    (B) Single Entry System
    (C) Accounting System
    (D) None of these
    View Answer
    Answer: Option B

    17) The concept of recording dual aspect concept of business transactions is called
    (A) Double Entry System Concept
    (B) Dual Recording Concept
    (C) Dual Aspect Concept
    (D) None of these
    View Answer
    Answer: Option A

    18) Which normally has a credit balance


    (A) Building Account
    (B) Purchase account
    (C) Real account
    (D) Sales account
    View Answer
    Answer: Option D

    19) How many categories of accounts are


    (A) 2
    (B) 3
    (C) 4
    (D) 5
    View Answer
    Answer: Option B

    20) Real and nominal accounts are maintained under


    (A) Single Entry System
    (B) Double Entry System
    (C) Triple Entry System
    (D) Multiple Entry System
    View Answer
    Answer: Option B

    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

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

    View Answer
    Answer: Option C

    3) Nominal accounts are related to:


    (A) Assets
    (B) Expense, losses and income
    (C) Liabilities
    (D) Firm or business

    View Answer
    Answer: Option B

    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

    View Answer
    Answer: Option A

    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

    View Answer
    Answer:   Option B

    6) Personal accounts are related to


    (A) Assets and liabilities
    (B) Expense, losses and income
    (C) Customers, creditors etc
    (D) None of these

    View Answer
    Answer:   Option C

    7) Real accounts are related to


    (A) Assets
    (B) Expense, losses and income
    (C) Customers, creditors etc
    (D) Liabilities

    View Answer
    Answer:   Option A

    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

    View Answer
    Answer:   Option D

    9) Account relating to the persons or firms is called


    (A) Personal accounts
    (B) Real accounts
    (C) Nominal accounts
    (D) All of the above

    View Answer
    Answer:   Option A

    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

    View Answer
    Answer:   Option B

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