Question # 1

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position 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

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary Account

Book used to record petty expenses and receipts

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Single Column Cash Book

Petty Cash Book

Double Column Cash Book

Treble Column Cash Book

A bill from the point of view of a debtor is called

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Bill Acceptable

Bill Receivable

Bill Payable

None of these

An expenditure incurred in increasing the efficiency of a fixed asset is called:

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Revenue expenditure

Capital expenditure

Current expenditure

None of these

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

Bank account is a:

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Personal account

Real account

Nominal account

None of these

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

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

The process of writing of intengible assets patent right, good will etc is called.

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Depreciation

Fluctuaton

Amorization

depletion

Profit and loss on revalution at the time of retirement must be transerred to the partners in.

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Capital ratio

Old prifit sharing ratio

New profit sharing ratio

Gaining ratio

A partner does not take an acitive partner is the managment firm is called.

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Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

If the credit side of the income oand expenditur eaccount is greater it is termed as.

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Deficit

Surplus

Asset

Liability

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

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Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

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