Question # 1

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 transactions, the effect of which is not exhausted with in the current accounting year are called

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Revenue transaction

Capital transaction

Current transaction

Monetary transaction

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

A ______ is a large columnar sheet of paper

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Worksheet

Balance sheet

Journal

None of these

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

Net profit is always

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Equal to gross profit

more than gross profit

Less than gross profit

None of these

A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called

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Receipt voucher

Cash voucher

payment voucher

Cash memo

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

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

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

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

Single entery system is most suitbale where

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Credit transactions are numerous.

Cash transactions are numerous

Cahs and credit transactions both are numerios

None of the above

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

Interest on dividend is paid.

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At the end of financial period

During the fiancancial year

At the time of incorporation

At the time of winding of company

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.

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Partnership deed

Aribtrartio clause

Partnership at will

None of these

Cash book is prepared to find out the figure of.

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Opening capital

Crosing cash balance

Net profit

Finaincial position

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

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