Question # 1

If the balance of suspense account is credit then it will be shown in balance sheet on

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Asset side

Asset and liability side

Asset and capital side

Capital and liability side

Heavy expenditure on advertisement for making a new product is a

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Revenue expenditure

Deferred expenditure

Capital loss

Non-recurring expenditure

A bill from the point of view of a creditor is called a:

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Bill payable

Bill receivable

Bil acceptable

Bill rejectable

A balance sheet is a

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Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

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

Gross profit represents

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Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

Cost incurred to generate revenue is called

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Revenue

Cost

Expense

Liability

Transportation cost paid for the purchases of Machinery must be debited to

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Transportation cost account

Purchases account

Machinery account

Cash account

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

The revenue that has not become due, but received in cash in current year is known as

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Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں

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قانون تقلیل افادہ مختتم

قانون مساوی افادہ مختتم

قانون طلب

قانون تقلیل حاصل

On the admission of a new partneer the decreasein the value of assets is debited to.

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

All of the above

In income and expenditure account

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Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

Consignor is also called.

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Principal

Agent

Debtor of the consignee

Creditor of the consignee

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

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Capital ratios

Profit sharing ratios

Equal ratios

None of these

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

We cannot prepare the trial balance and precise balance sheet under,

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Single entry system

Double entry system

"a" and "b"

Barter system

The consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

The value of the share as quoted on the stock exchange is said to be

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Par value

Book value

Cost value

Market value

On retirement of a partner the share of a retiring partner is taken by.

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Remaining partner

New partner

Legal representator or retiring partner

None of these

The relation ship between consignor and consignee is thet of.

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Buyer and seller

Debtorsde creditor

Whole seller or retailer

Principal and agent

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