Question # 1

Worksheet provides complete information for preparing

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Income statement

Position statement

Financial statement

Bank reconciliation statement

Office rent is a

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Financial Expense

Abnormal Loss

Management Expense

Maintenance Expense

Sales returns book periodical total is posted to

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Debit of returns inwards account

Credit of returns inwards account

Debit of returns outwards account

Credit of returns outwards account

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

Nominal account are related to:

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Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

The effect of drawing on accounting equation is

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decrease in assets and decrease in liabilities

increase in both assets & liabilities

decrease in assets and increase in capital

none of these

Our cheque to Babar & Bros, returned dishonoured should be credited to

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Cheque Account

Cash Account

Bank Account

Babar & Bros A/c

All those expenses which are incurred to convert raw-materials into finished goods are called:

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Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

.The cash book is a

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Subsidiary journal

Ledger account

Subsidiary journal and ledger

Trial balance

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

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Two

Three

Four

None of these

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

A person who purchases the share of the company becomes its.

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Share holder

Debenture holder

Under writer

Promoter

The liability of the shareholder of a public limited company is.

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Unlimited

Limited

Compulsory

None of these

The amount payable to the retiring partner is shown in the balance sheet of partnership as.

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Capital

Loan

Investment

Assets

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

Depreciation is charged on.

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Fixed tangible assets only

Fixex intangible assets only

Current assets only

None of these

Amount of to the out going partner is shown in the balance sheet as his.

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Liability

Loan

Capital

Assets

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

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

The debentures which does not carry any charges o the assets of the company.

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Simple debentures

Mortagage debentures

Redeemable debentures

None of these

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