Question # 1

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

A book which is used to record small expenses is called

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Expenses book

Cash book

Petty cash book

Purchases book

Goods returned by customers are

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purchases

purchases returns

sales returns

sales

The excess of credit column over debit column in income statement is called

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Net loss

Net profit

Cash balance

Gross profit

Petty cash book is a branch of

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Pass Book

Cash Book

Journal

Ledger

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

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suspense A/c

sales A/c

cash A/c

none of above

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

The rules of the debiting the receiving and crediting the giver is applicable to:

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Persona account

Real account

Nominal account

Expense account

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

Bookkeeping provides the

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primary information

secondary information

final information

insufficient information

How many parties are involved in case of Discounting of a bill ?

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Two

Three

Four

None of these

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

The maximum number of member in case of public limited company can be

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Forty

Fifty

Sixty

No restriction on maximum number

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

Partner's capital are affected due to.

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Admission of a partner

Retirement of the partner

Death of a partner

All of the above

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

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Oversubscription

Under subscription

No subscription

None of these

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

The part of the issued capital which has been taken up or subscribed by the public is called

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Issued capital

Authorized capital

Subscribed capital

Paid up capital

The charter of the company containing the objects of whihc for company is being formed is called.

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Articles of association

Prospectus

Memorandum of associaton

Notice

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

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