Question # 1

The inflow of assets in return for services performed or products delivered during a period is

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Asset

Revenue

Non current asset

None of these

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

Expenditure, which helps to maintain the business efficiency is called

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Revenue expenditure

Deferred expenditure

Capital expenditure

Future expenditure

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

Depreciation of fixed assets used in the business is an example of

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capital expenditure

Revenue expenditure

Deferred expenditure

None of these

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

The creditor of the business are called:

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Assets

Liabilities

Capital

Income

Error which affects profit and loss account relates to

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Nominal account

Property account

Personal account

None of these

An Entry which is recorded on the both sides of cash book is called

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Simple Entry

Compound Entry

Combined Entry

Contra Entry

The concession given by the supplier to the buyer on purchases of good is known as:

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Sales discount

Trade discount

Purchase discount

Discount received

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

At the end of the year non trading institutions prepare.

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Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

The amount paid to person who was invited to deliver a lecture in a club is known as.

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Hoorarium

Salary

Wages

None of these

The joint stock company is formed under companies ordiance.

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1984

1974

1884

1962

In case of del creder commission the liability of bad debts is on

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Consignee

Consignor

Both on consignee and consignor

None of the above

In non-profit making organization final accounts contains

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Income and expenditure account and balance sheet

Receipts and payments account and balance sheet

Receipts and payments account and statement of affairs

Profit and loss account and balance sheet

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

Amount received by the way of gift from any person or organization is called.

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Donation

Subscription

Legacy

None of these

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

Net worth is equal to,

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Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

Depreciation caused by some external amoutn of anual depreciation gradully.

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Increase

Decrease

Remain constant

None of these

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