Question # 1

The money with which business is started is known as:

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Capital

Creditor

Income

Debtor

A dealing between two persons is called a

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business

transaction

purchases

sales

Credit Balance of pass book must be equal to debit balance of

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Cash Book

Bank Ledger

Clients other Account

None of these

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

All the transactions related to credit sales are recorded in

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Sales returns book

Sales book

Cash book

Credit note book

Debts which are repayable in the course of less than one year bur more than one month are called

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Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

Goodwill, patent, copyright and trade mark are

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Wasting assets

Intangible assets

Fictitious assets

Liquid assets

Suspense means

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certainty

uncertainty

surly

none of these

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

The balance of petty cash book is a/an

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Asset

Liability

Expense

Income

Bookkeeping provides the

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primary information

secondary information

final information

insufficient information

A company comes into existence when the registrar issue the

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Prospectus

Certificate of incorporation

statement in Lieu of prospectus

Companies ordinance

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

Good will is

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Expense

Profit

Assets

Liability

Commission due to the consignee is calculated on.

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Credit sales only

Cash sales only

Total sales

None of these

If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.

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Partner's capital account

Realization account

Liabilities accounts

Cash accounts

The documents which contains the rules and regulation for the internal management of the company is called.

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Prospectus

Articles of assocaition

Memorandum of association

Notice

The amount of assets may rise of fell on account of.

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Depreciation

Fluctuation

Depletion

Amortization

On the detah of the partner the amount of the joint policy credited to the capital account of.

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Remaining partners capital account

All partners capital accounts

Deceased parners capital account

None of these

The dividend paid to the shareholders during the finaincial year is.

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Final dividend

Interim divident

Unclaimed divident

Proposed dividend

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

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

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