Tag: golden rules of debit and credit (traditional approach)

Questions Related to golden rules of debit and credit (traditional approach)

Goods misappropriated by an employee Account is ______________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

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Correct Option: C

Reserve for Discount on Account is _____________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

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Correct Option: A

Goods destroyed by Fire Account is _______________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

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Correct Option: C

Donation & Charity Account is ____________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

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Correct Option: C

Cash Embezzlement Account is ___________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

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Correct Option: C

Free Samples Account is _______________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

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Correct Option: C

Account Receivable Account is ______________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

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Correct Option: A

Loan to Ramesh Account is _____________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

Show answer
Correct Option: A

Provision for Depreciation Account is ______________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

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Correct Option: B

Accounts Payable Account is ______________.

commercial applications accounting procedures - rules of debit and credit golden rules of debit and credit (traditional approach) types of account meaning and classification of accounts

  1. Personal A/c

  2. Real A/c

  3. Nominal A/c

  4. None of these

Show answer
Correct Option: A
Explanation:

Accounts payable (AP) is an account within the general ledger that represents a company's obligation to pay off a short-term debt to its creditors or suppliers.

In the context of personal finance and small business accounting, bills payable are liabilities such as utility bills. They are recorded as accounts payable and listed as current liabilities on a balance sheet.