Question # 1

A bill of exchange is a / an

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Promise

Unconditional Order

Request

Conditional Order

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

When cash is received from debtor or customer, generally a receipt is issued to the debtor which is called

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Payment voucher

Receipt voucher

Cash voucher

None of these

A revenue expenditure, the benefit of which is not confined to one accounting year is called

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Non-current expenditure

Revenue expenditure

Future expenditure

Deferred expenditure

The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

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Balance sheet columns

Income statement columns

Cash columns

Bank columns

It is used to record cash, bank and discount transactions on debit and credit side

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Single column cash book

Petty cash book

Double column cash book

Treble column cash book

The inflow of assets in return for services performed or products delivered during a period is

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Asset

Revenue

Non current asset

None of these

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

How many columns are drawn on one side of three column cash book ?

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Five Columns

Six Columns

Seven Columns

Eight Columns

A Ledger is a book in which

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Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

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

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Gaining ratio

Serching ratio

Capita ratio

New ratio

Kind of company is.

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2

3

4

5

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

Depreciation is charged at fixex rate on the reducing balance, under the.

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Written - down value method

Annuity method

Sinking fund method

Depletion method

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

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Capitals

Profit and loss ratios

Equality

Time devoted by each partner

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

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

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At discount

At premium

At par

None of these

General reserve at the time of admission of anew partner is credited.

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

Depreciation is

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An Income

An expense

A loss

A liability

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