Question # 1

It is prepared to determine the net profit or net loss

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Trading account

Profit or loss account

Cash book

Balance sheet

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

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Errors of omission

Compensating errors

Errors of commission

Errors of principle

The money with which business is started is known as:

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Capital

Creditor

Income

Debtor

The price of goods sold or services rendered to the customers is called

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Sale

Profit

Expense

Revenue

How many parties are involved in case of Discounting of a bill ?

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Two

Three

Four

None of these

Capitalized expenditure are shown in

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Trading a/c

Profit or loss a/c

Income statement

Balance sheet

The process of totaling the data at the end of the period is called

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Posting

Casting

Compensating

Recording

.The cash book is a

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Subsidiary journal

Ledger account

Subsidiary journal and ledger

Trial balance

Goods purchased from Robin have been posted to Rahim account, it is an:

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Error of omission

Error of casting

Error of posting

Error of commission

Profit of revaluation should be credited to.

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Revaluation account

Liabilites accounts

Old partners capital accounts

Assets accounts

The depreciation charged to motor car account will be debited to.

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Depreciation account

Motor car account

Cash account

None of these

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

Under which method the book value of the fixed assets acn be reduce to zero after certain year

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Diminishing balance method

Straght line method

Depreciation find fond

Deflation method

Another name of diminishing balance method of depreciation is the

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Reducing balance method

Sinking fund method

Straight line mehod

Revaluation method

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as.

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Oversubscription

Under subscription

No subscription

None of these

In the books of consignor, the loss on the consignment should be crediterd to.

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Consignment account

Consigneee 's account

Profit and loss account

Gppds sent on consignemnt

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

How many mathods are available to calculate the profit or loss under single entery system.

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One

Two

Three

Four

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