11) A debit represents an increase in
(A) An asset
(B) An equity
(C) Liability
(D) Owner’s equity
12) The accounts, which have their existence even after the close of the year, are known as
(A) Nominal accounts
(B) Real accounts
(C) Personal accounts
(D) Tangible accounts
13) If an account shows a debit balance, it represents
(A) Income
(B) Expense
(C) Liability
(D) Capital
14) A credit represents by
(A) A decrease in an equity
(B) A decrease in a liability
(C) A decrease in an asset
(D) A decrease in owner’s equity
15) Discount received is a
(A) Asset
(B) Liability
(C) Revenue
(D) Expenses
16) The entry system in which cash account and personal accounts are maintained is called
(A) Double Entry System
(B) Single Entry System
(C) Accounting System
(D) None of these
17) The concept of recording dual aspect concept of business transactions is called
(A) Double Entry System Concept
(B) Dual Recording Concept
(C) Dual Aspect Concept
(D) None of these
18) Which normally has a credit balance
(A) Building Account
(B) Purchase account
(C) Real account
(D) Sales account
19) How many categories of accounts are
(A) 2
(B) 3
(C) 4
(D) 5
20) Real and nominal accounts are maintained under
(A) Single Entry System
(B) Double Entry System
(C) Triple Entry System
(D) Multiple Entry System