Question # 1

A bill of exchange is a method of payment on

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Cash Basis

Credit Basis

Reserve Basis

Accommodation Basis

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

A prepaid expense is

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An asset

A liability

An expense

An income

A transaction is recorded on the same days as its takes place, so journal is also called:

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A day book

A history book

An entry book

Ledger book

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

The transactions, the effect of which is not exhausted with in the current accounting year are called

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Revenue transaction

Capital transaction

Current transaction

Monetary transaction

In three column cash book, discount column is

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Totaled

Balanced

Carry Forward

Both a and b

A bill of exchange is a / an

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Promise

Unconditional Order

Request

Conditional Order

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 transaction has been journalized but posted wrongly in the ledger account, it is an:

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Error of positing

Error of principle

Error of omission

Error of commission

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

The partnership may come to an end due to the

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Death of a partner

Involvency of a partner

Both of the above

None of these

Profit of revaluation should be credited to.

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Revaluation account

Liabilites accounts

Old partners capital accounts

Assets accounts

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

Old prifit sharing ratio minus new profit sharing ratio is equal for.

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Sacrifing ratios

Gaining ratios

Distributing ratios

None of these

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

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 case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

All of the above

The fingure of bills payable is worked out by preparing the.

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Total debtors account

Total creditors account

Cash book

Balance sheet

Consignment signifies.

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Goods despatched by the owner to his agent

Goods forwarded by the creditor to his debtor

Goods forwarded from one place to another

Goods sent by the owner to his agent for the purpose of sale.

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