Question # 1

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

Gross profit is derived from

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Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

None of these

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

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3250

1250

3750

1750

Trade expenses of Rs. 180 posted in the ledger as Rs. 810, it will be considered as

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Error of principle

Error of omission

Error of casting

Error of transposition

The system of recording transaction based on dual concept is called

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Double account system

Double entry system

Single entry system

Management system

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

The recording of transaction chronologically in the book of accounts is called:

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Summarizing

Classifying

Recording

None of above

If a transaction has been completely omitted from the Journal it will be considered

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Error of commission

Error of principle

Error of omission

None of these

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

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Capitals

Profit and loss ratios

Equality

Time devoted by each partner

Depreciation caused by some external amoutn of anual depreciation gradully.

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Increase

Decrease

Remain constant

None of these

the profit on consignment in the books of the consignor should be deited to.

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Consignnment account

Profit and loss account

Consignee 's account

None of these

The maximum number of memebr in case of private limited comapny can be.

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Forty

Fifty

Sixty

No restriction on maximum number

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.

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Sales account

Performa invoice

Account sales

None of these

The shares of public limited company are.

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Not refundable

Not tanserable

Transferable

No allotable

Receipts and payments account shows

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Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

If the goods will raised at the tim e of admissionof a new partner will be written off in.

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Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

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