Question # 1

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

The person to whom bill is transferred will become

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Endorser

Creditor

Debtor

Endorsee

Wages paid for the erection of machine debited to wages account is an example of

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Error of omission

Error of commission

Error of principle

None of these

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

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Increase the net profit by, double amount

Decrease the net profit

Decrease the net profit by double amount

Have no effect on the net profit

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Goodwill, patent, copyright and trade mark are

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Wasting assets

Intangible assets

Fictitious assets

Liquid assets

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

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

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Credit Balance

Debit Balance

Balancing

Zero Balance

At the time of drawing a bill the drawer credits:

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Debtors account

Creditors account

bill receivable account

Suppliers account

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

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

When the goods sent on consignment are sold by the consignee the account to be debited is.

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Cash account

Consignee personal account

Consignment account

None of these

If the goods will raised at the tim e of admissionof a new partner will be written off in.

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Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

On the detah of the partner the amount of the joint policy credited to the capital account of.

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Remaining partners capital account

All partners capital accounts

Deceased parners capital account

None of these

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

The part of the issued capital which has been taken up or subscribed by the public is called

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Issued capital

Authorized capital

Subscribed capital

Paid up capital

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

In case of retirement when the good will raised with retiring partner written off among the remaining partner.

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In gaiing ratios

Sacrifing ratios

Capital ratios

New ratio

The parties involves in the consignment are.

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Two

Three

Four

Five

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

Share capital int he balance sheet is known as.

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Asset

Liability

Income

Reserve

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