Question # 1

Disagreement in balances may arise owing to mistake or mistakes in the:

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Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

Cost of goods sold is equal to

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sales - purchases

purchases + closing stock - returns outwards

Opening stock - closing stock + purchase + returns inwards

Opening stock + purchases - returns outwards - closing stock

Unfavourable balance means

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Credit Balance in the Pass Book

Credit Balance in the Cash Book

Debit Balance in Bank Statement

Both b and c

Worksheet provides complete information for preparing

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Income statement

Position statement

Financial statement

Bank reconciliation statement

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

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Errors of omission

Compensating errors

Errors of commission

Errors of principle

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

Bank reconciliation statement is prepared by

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Banker

Customer's accountant

Auditors

Manager

Assets which have no market value are called

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Wasting assets

Fictitious assets

Intangible assets

Tangible assets

Journal means

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Weekly

Monthly

Yearly

Daily

The expenditures which reduce revenue (profit) of the business are:

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

Bad debts are

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Deferred expenditure

Revenue expenditure

Capital expenditure

None of these

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

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Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

A prospectus for subscription of shares can be issued only by.

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Public company

A private company

Both public and private company

None of these

For the stock unsoled with the consignee wil the debited in the books of the consignor.

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Stock on consignment account

Consignment

Consignee account

None of the above

Cash book is prepared to find out the figure of.

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Opening capital

Crosing cash balance

Net profit

Finaincial position

A situtation where a company receives a application for a less number of shares than offered to the public for subscription is termed as.

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Under subscription

Over subscription

General subscription

Above subscription

The method is specially suited to natural surces is said to be

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Annuity method

Depletion method

Revalution method

Sum of digit method

The rules and regulation foverning the internal management and administration of the company are called.

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Memorandum of assocaition

Articles of association

Prospectus

None of these

The balance of realization account is transferred to the capital accounts of the partners in.

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Capital ratio

Equality

Interest ratio

Profit sharing ratio

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

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