Question # 1

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

Which cash is paid or received in an exchange the transaction is called:

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Sale transaction

Cash transaction

Credit transaction

None of the above

Bookkeeping provides the

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primary information

secondary information

final information

insufficient information

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

Both cash purchases as well as credit purchases are recorded in

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Cash book

Purchase book

Purchases account

None of these

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

Our cheque to Ali & Bros, returned dishonored should be credited to

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Cheque account

Cash account

Bank account

Ali & Bros account

Which of the following normally has a credit balance

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Machinery a/c

Purchases a/c

Stock a/c

Sales a/c

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

How many categories of accounts are

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two

three

four

five

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

The amount charged to depreciation goes on declining in.

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Diminishing balance method

Fixex instaliment method

Annuity method

Depreciation fund method

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

Kind of company is.

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2

3

4

5

The partnership may come to an end due to the

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Death of a partner

Involvency of a partner

Both of the above

None of these

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

None of these

Income and expenditure account is equivalent to the.

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Receipt and payment account

Balance sheet

Cash book

Profit and loss account

Arithmetical accuracy of the books of accounts cannot be checked under.

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Single Entry system

Double entery system

None entery system

Both a and b

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

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Memorandum of association

Article of association

Prospectus

None of he above

In consginee's books the payment of expense by consignee should be debited to

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Consignment account

Consignnors account

Cash account

None of these

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

Under the straight line method of charging depreciation, the amount of deperciation .

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Decrease every year

Increase every year

Remain constant every year

None of the above

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