Question # 1

Transaction are recorded data wise, so journal is also called:

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Entry book

Transaction book

Chronological book

Voucher

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

When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called

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Honoured Bill

Retired Bill

Dishonoured Bill

Endorsed Bill

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

Error of carry forward will affect

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Personal accounts

Nominal accounts

Impersonal accounts

None of these

Preliminary expenses paid in the formation of a company is a

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Capital expenditure

Deferred expenditure

Revenue expenditure

Capital loss

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

Which one of the following is appeared in the balance sheet ?

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revenue expenditure

capital expenditure

deferred revenue

both b,c

When ban column of a cash book shows a debit balance it means:

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Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

Which of the following normally has a credit balance

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Machinery a/c

Purchases a/c

Stock a/c

Sales a/c

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

According to companies ordinance, single entry system cannot be adopted by,

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

The retired is one who has

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Died

Withdraw his capital

Bought his capital

Decreases his capital

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

Amount of to the out going partner is shown in the balance sheet as his.

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Liability

Loan

Capital

Assets

The amount of share capital with which a company is registered is called.

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Authorized capital

Issued capital

Paid up capital

Called up capital

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