Question # 1

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

One way of avoiding errors in the permanent accounting records is to use a form which is called

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Bank statement

Trail balance

Balance sheet

Work sheet

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

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 amount invested by the owner in the business to produce revenue is known as

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Income

Asset

Capital

Liability

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

An error completely omitted to be entered in the journal

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partial error

error of posting

error of casting

complete error

A Ledger is a book in which

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Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

Income tax paid is a

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Business Expense

Business Revenue

Business Liability

Personal Expense

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

The rules and regulation foverning the internal management and administration of the company are called.

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Memorandum of assocaition

Articles of association

Prospectus

None of these

In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.

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5 persent

6 persent

8 persent

9 persent

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

A situtation where a company receives a application for a less number of shares than offered to the public for subscription is termed as.

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Under subscription

Over subscription

General subscription

Above subscription

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

Opening capital is calculated by taking the difference between,

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Opening assets and closing assets

Opening assets and closing liabilities

Opening assets and Opening liabilities

Closing assets and closing liabilities

In case of banking business, the numerb of persons must not exceed.

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Ten (10)

Twenty (20)

Tweinty five(25)

Fifty (50)

In non-profit making organization final accounts contains

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Income and expenditure account and balance sheet

Receipts and payments account and balance sheet

Receipts and payments account and statement of affairs

Profit and loss account and balance sheet

The difference of the two sides of receipt and payment account represents.

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Opening cash balance

Closing cash or bank balance

Opening bank balance

None of these

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

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