Question # 1

Capital contributed by the partners is a:

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Revenue receipt

Capital receipt

Current receipt

Deferred receipt

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

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Error of principle

Errors of omission

Errors of commission

Compensating error

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

If the error committed in the capital account, it will affect

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trading account

profit & loss account

trading and profit & loss account

balance sheet

Bad debts are business

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Expenses

Liabilities

Assets

Revenue

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

An expenditure, incurred to improve the position of the business is known as

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Deferred expenditure

Revenue expenditure

Capital expenditure

Recurring expenditure

Accounting principles can be classified in

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three types

two types

five types

six types

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

Expired cost of fixed assets means

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Appreciation

Amortization

Depreciation

None of these

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

A company comes into existence when the registrar issue the

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Prospectus

Certificate of incorporation

statement in Lieu of prospectus

Companies ordinance

Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be

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RS. 5,000

Rs. 4050

Rs.4500

Rs. 40,000

The gaining ratio are calculated on.

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Admissionof a partner

Death of a partner

Retirement of a partner

None of these

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

Partner's capital are affected due to.

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Admission of a partner

Retirement of the partner

Death of a partner

All of the above

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

Consignee is.

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A principal

An agent

A debtor

A creditor

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

A certificat issue by the company under its seal acknowledging a debt due by it to its holder, is called.

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Debenture

Certificate of commencement

Acknowledge certificate

Noen of these

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

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