Question # 1

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

Interest on drawings is

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An asset

A liability

An expense

A revenue

Net sales equal to

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Sales - Returns outwards

Sales + Returns inwards

Sales - Returns inwards

Purchases - Returns inwards

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

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

Goods returned by customers are

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purchases

purchases returns

sales returns

sales

Bill receivable account is a:

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Nominal account

Personal account

Real account

Expenses account

The book which is used to record all goods returned by us to our supplier is called

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Returns inwards book

Purchases book

Return outwards book

Sales book

Office rent is a

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Financial Expense

Abnormal Loss

Management Expense

Maintenance Expense

Nominal account are related to:

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Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

Both aspects of a transaction must be recorded in,

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Single entry system

Barter system

Double entry system

Islamic system

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

The amount charged to depreciation goes on declining in.

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Diminishing balance method

Fixex instaliment method

Annuity method

Depreciation fund method

A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.

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Limited company

Un limited company

Company limited by guarantee

Chartered company

Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.

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Depreciation

Depletion

Amortization

None of these

If the price required to be paid to the company for the share is equal to the nominal value of that share it is called.

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At discount

At premium

At par

None of these

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

In case of los on revaluation of assets and liabilities should be debited to.

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Retiring partners capital accounts

All partners capital accounts

Remaining patners capitala account

None of these

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

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

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