What is the golden rule for Personal Accounts? MCQ with Answer and Explanation

Question
What is the golden rule for Personal Accounts?
A. Debit the owner, Credit the bank
B. Debit the receiver, Credit the giver
C. Debit all expenses and losses, Credit all incomes and gains
D. Debit what comes in, Credit what goes out
Answer: Option B
Solution (By JKSSB Mock Tests)
Personal accounts represent individuals, firms, or companies. The rule dictates debiting the person receiving the benefit and crediting the provider.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
GSTR-1 is a return filed for:
A. Annual consolidated tax
B. Details of outward supplies (sales)
C. Details of inward supplies (purchases)
D. TDS deduction
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
GSTR-1 is the monthly/quarterly return where regular taxpayers declare their outward supplies (sales) and tax liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In Social Cost Benefit Analysis (SCBA), 'Shadow Pricing' is used to:
A. Calculate depreciation of intangibles
B. Assign a true economic value to goods when market prices are distorted or non-existent
C. Hide illicit profits
D. Price products below cost to gain market share
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Shadow prices reflect the true opportunity cost of resources to society, used when market prices fail to reflect this true cost.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Converting Single Entry to Double Entry involves preparing a 'Total Creditors Account' to find out:
A. Credit Sales
B. Credit Purchases
C. Closing Capital
D. Cash Purchases
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Total Creditors Account reconstructs the relationship with suppliers; the balancing figure usually represents the missing credit purchases.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: