PGT (Commerce previous year questions) (HTET) (Part – I)

Total Questions: 100

21. It is essential to standardize the accounting principles and policies in order to ensure:

Correct Answer: D. All of the above

22. Which of the following is not a tangible asset for the firm?

Correct Answer: B. Goodwill

23. The determination of the amount of bad debts is an accounting:

Correct Answer: B. estimate

24. The transactions recorded through accounting equation are based on:

Correct Answer: C. Dual aspect

25. The debit balance of a cash account shows:

Correct Answer: C. Cash in hand

26. The balance of the petty cash is________.

Correct Answer: C. an asset

27. Opening, closing and adjustment entries are recorded in:

Correct Answer: D. Journal Proper

28. Journal entry for purchase of furniture ₹ 8,000 will be:

Correct Answer: A. Dr. Furniture A/c and Cr. Cash A/c ₹ 8,000

29. Sales Returns book records:

Correct Answer: C. Credit sales of goods in trade returned by customers

30. Journal entry for purchase of furniture for personal use ₹ 8,000 will be:

Correct Answer: B. Dr. Drawings A/c and Cr. Cash A/c ₹ 8,000