Question # 1

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

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suspense A/c

sales A/c

cash A/c

none of above

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

Journal means

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Weekly

Monthly

Yearly

Daily

Income tax paid is a

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Business Expense

Business Revenue

Business Liability

Personal Expense

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

The const concept applied only to the assets and not to:

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Expenses

Liabilities

Incomes

None of these

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

paid to Nadeem cash Rs. 5000 and a cheque for Rs. 4800 in full settlement of his dued Rs. 10000 should be credited to

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Cash account

Bank account

Discount received account

All of these

Errors which affect one account can be

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errors of principle

errors of posting

errors of omission

none of these

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

At the end of the year non trading institutions prepare.

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Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

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

The Receipt and payment account is the summery of the

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Cash book

Balance sheet

Trqail balance

Proft and loss account

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

The shares of public limited company are.

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Not refundable

Not tanserable

Transferable

No allotable

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

The person who take the initaiative in the matter of formation of a company are known as the.

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Promoters

Share holder

Director

Registered

The owner wquity in a company is commonly called.

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Shareholder equity

promotors equity

Directors equity

None of these

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