Which of the following is an example of a personal account? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following is an example of a personal account?

A. Building Account

B. Ramesh's Account

C. Capital Account

D. Salary Account

Answer: Option B

Solution (By JKSSB Mock Tests)

Ramesh's Account represents a specific person, making it a personal account. The rule is 'Debit the receiver, credit the giver'.

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

Share Report

Assertion (A): Under Ind AS 38, an intangible asset with an indefinite useful life is not amortized. Reason (R): Its useful life cannot be foreseen, so it is tested for impairment annually under Ind AS 36. Choose the correct option.

A. A is false but R is true

B. Both A and R are true but R is NOT the correct explanation of A

C. Both A and R are true and R is the correct explanation of A

D. A is true but R is false

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Ind AS 38 states that indefinite-life intangible assets are not amortized because their useful life is not foreseeable. Instead, Ind AS 36 requires them to be tested for impairment annually. R correctly explains A.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

Share Report

A 'Cheque issued but not presented' causes:

A. Passbook balance lower than cash book

B. Both equal

C. Cash book balance lower than passbook

D. Overdraft in passbook

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Unpresented cheque means cash book already reduced, but passbook not reduced, so passbook balance higher.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

Share Report

Economic Order Quantity (EOQ) is calculated to minimize:

A. Factory rent

B. Material price variance

C. Total of ordering cost and inventory carrying cost

D. Selling costs

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
EOQ determines the optimal order size that perfectly balances and minimizes the costs of placing orders and holding inventory.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Explore All Accountancy and Book Keeping MCQs