Question # 1

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

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Increase the net profit

Decrease the net profit

Have double effect on net profit

Have no effect on net profit

All those expenses which have not become due but paid in advance are called

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Accrued expenses

Outstanding expenses

Prepaid expenses

Payable expenses

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

The margin that is available to cover the other expenses for a period and to yield net income is known as

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Net profit

Gross profit

Net sales

Cost of goods sold

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

If a liability is recorded as income, it will be considered as

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Error of commission

Error of omission

Error of Principle

None of these

An error completely omitted to be entered in the journal

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partial error

error of posting

error of casting

complete error

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

In adjusting the cash balance one of the following is not taken into account:

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Mistakes in the cash book

Mistake in the bank statement

Interest and dividends credited in the bank statement

None of the abvove

The excess of credit column over debit column in income statement is called

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Net loss

Net profit

Cash balance

Gross profit

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

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Error of omission

Error of principle

Compensating errors

Error of Commission

Consignor is also called.

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Principal

Agent

Debtor of the consignee

Creditor of the consignee

When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.

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Fluctuating capitals

Fixed capitals

Current capitals

None of these

The basic club record or book of original entry in non-profit making organization

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Purchase book

Sales book

Cash book

"a" and "b"

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

In case of retirement of a partners full good will is credited to the account of.

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Only retring partner

Only remaining partners

All partners

None of these

Ordinary shares are also known as.

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Equity shares

Deffered shares

Bonus shares

Preference shares

the loss whihc arises due to natural causes such as evaporation etc is called.

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Abnormal loss

Normal loss

Additional loss

None of these

Interest is debited to assets account uder the.

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Annuity method

Depreciation fund method

Insurance policy method

Depletion method

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

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