Accounting MCQs

Consider the following statements: A credit purchase during the accounting year which was not recorded in the books of account but included in the closing stock is to be: I. added to the credit purchases account II. added to the creditors account III. subtracted from the closing stock IV. added to the opening stock Which of the statements given above is/are correct?

Bills are drawn by . . . . . . . .

When goods are purchased for the joint venture out of joint bank A/C the amount is debited to:

When furniture is sold for cash, the entry should be made in . . . . . . . .

While preparing the annual financial statements, the balance of rent account should be treated as the balance of a:

Bank overdraft account is a:

"Holding gains in relation to stocks should not be used for payment of dividend." Which one of the following accounting principles is involved in this?

The take over of a company in which most of the purchase price is paid with borrowed money is referred to as

Any revenue expenditure relating to special fund must be deducted from . . . . . . . .