When a bill is discharged, the acceptor debits ____

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Question:
When a bill is discharged, the acceptor debits ____

1.Creditors account

2.Cash account

3.Bills payable account

4.Bills receivable account

Posted Date:-2021-10-28 15:16:29

More MCQS Questions and answers

  1. A bank pass book is a copy of ________
  2. A bill drawn and accepted for providing funds to a friend in need is known as _______
  3. A Cheque received and deposited in the bank on the same day is recorded in the _______
  4. A credit sale of goods to Shiva should be debited to _______
  5. A debit balance in the income and expenditure account denotes excess of ____ over______.
  6. A person who draws a bill of exchange is known as the _____
  7. Account current is a journal:
  8. Any donation received for a specific purpose is a _________
  9. Any expenditure incurred in order to reduce the operating expenses is _____
  10. Any written document in support of a business transaction is called a ________
  11. Balance sheet is a _______
  12. Bank account is _______
  13. Bills are drawn by ______
  14. Bills Receivable book is to keep record of _______
  15. Book-keeping is mainly concerned with __________
  16. Capital=
  17. Cash book prepared on imprest system is ________
  18. Depreciation deducted from the concerned _______
  19. Errors which affect one account can be _______
  20. Excess of income over expenditure in shown on the ______________ side of income and expenditure account.
  21. Expenditure incurred on research is an example of _______
  22. Goods destroyed by fire should be credited to _______
  23. Heavy advertising to launch a new product is a _______
  24. In triple column cash book, cash withdrawn from bank for office use will appear in ______
  25. Income and expenditure account reveals ________
  26. Interest on drawings is ______
  27. Ledger is a book of ______________empor
  28. Ledger is also called ________
  29. Purchase of machinery is recorded in _______
  30. Purchase of Typewriter would result in ______________ of fund.
  31. Revenue receipts are ______________ in the business.
  32. Rs. 500 spent on servicing office typewriter should be debited to _________
  33. Specific donations received by a non-trading concern are usually ______
  34. Subscription received in advance is _______
  35. Subscriptions received in advance will figure in the _________
  36. The appropriate book to record credit purchase of machinery is _______
  37. The balance of cash account indicates __________
  38. The basic function of financial accounting is to ______
  39. The holder of a bill who endorses it is called
  40. The method of account current usually employed by the banker is known as _______
  41. The receipts and payments account begins with ________
  42. Wages paid for erection of machinery are debited to _______
  43. When a bill is discharged, the acceptor debits ____
  44. Which account is generally used for rectification of errors?
  45. Which of the following is related to nominal account?
  46. Which of the following items should not be entered in receipts and payments account of a club?
  47. Which one of the following is an example of personal account?
  48. Which one the following is an example of an intangible asset?
  49. While discounting the bill, debit should be given to ______
  50. ________ is given to promote sales.
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