Question # 1

An error completely omitted to be entered in the journal

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partial error

error of posting

error of casting

complete error

Octori duty paid on machinery, is an example of

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Revenue expenditure

Recurring expenditure

Capital expenditure

Both a & b

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

Distinction between capital and revenue items is important for the preparation

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Balance sheet

Trading and profit or loss a/c

Bank reconciliation statement

Both a & b

The capital profit should be transferred to:

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Profit and loss account

Trading account

Balance Sheet

Both Trading and profit and loss account and balance sheet

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

A statement which is used to reconcile the bank balance as per cash book with the balance as per pass book is called

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Bank statement

Income statement

Bank reconciliation statement

Financial statements

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

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Sale

Profit

Expense

Revenue

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

In the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment account

None of these

A statement of assets and liabilities is prepared under the single entery system is called.

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Balance sheet

Financial statement

Statement of affair

Cash transaction

The shares of public limited company are.

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Not refundable

Not tanserable

Transferable

No allotable

The asses which have physical existence are called.

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Intangible assets

Intangible fixed assets

Tangible fixed assets

Both tangible or intangible assets

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

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Under subscription

Over subscription

General subscription

Above subscription

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

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

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

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