Question # 1

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

If a liability is recorded as income, it will be considered as

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Error of commission

Error of omission

Error of Principle

None of these

Bank account is a:

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Personal account

Real account

Nominal account

None of these

The effect of drawing on accounting equation is

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decrease in assets and decrease in liabilities

increase in both assets & liabilities

decrease in assets and increase in capital

none of these

Gross profit represents

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Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

An expenditure, which increases the utility or productive capacity of an asset is treated as

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Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

Journal means

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Weekly

Monthly

Yearly

Daily

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

Which column is prepared in single column cash book?

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Bank Column

Cash Column

Discount Column

All of the Above

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

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Memorandum of association

Article of association

Prospectus

None of he above

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

Value of the good will is calculated under capitalization formula.

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Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.

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Salary

Wages

Profit

Commission

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

The opening capitla is ascertained by preparing.

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Cash account

Opening statements of affairs

Total debtors account

Total creditors account

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