Question # 1

Bank account is a:

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Personal account

Real account

Nominal account

None of these

All revenue expenditure are taken to

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Trading a/c

Trading & profit or Loss a/c

Profit or loss a/c

Balance sheet

If any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

How many columns are drawn on one side of three column cash book ?

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Five Columns

Six Columns

Seven Columns

Eight Columns

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

Adjusting entries affect

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Balance sheet

Income statement

Work sheet

All of them

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

An income which has earned but not received is called

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Unearned income

Accrued revenue

Revenue received in advance

None of these

A statement which is used to reconcile the bank balance as per cash book with the balance as per pass book is called

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Bank statement

Income statement

Bank reconciliation statement

Financial statements

The credit purchases were wrongly recorded in sales book, the rectification of entry

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Increase the net profit by double amount

Decrease the net profit by double amount

Decrease the net profit

Increase the 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

The balance of revalution account is transferred to the capital accounts of the partners in.

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Profit sharing ratios

Capital ratios

Equality

None of these

A partner does not take an acitive partner is the managment firm is called.

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Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

The dividend paid to the shareeholders duirng the financial year is.

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Redeemable debentures

Irredeemable debentures

Repayable debebtures

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

A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.

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Limited company

Un limited company

Company limited by guarantee

Chartered company

Subscription otstanding in the beginning are shown in the

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Trading account

Income and expenditure account

Balance sheet

Profit and loss account

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

None of these

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

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Unlimited

Limited

Compulsory

None of these

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

Those debentures wihch carry no security as to payment of interest or repayment of principal, are known as.

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Morigage debentures

Secured debentures

Simple or naked debentures

None of these

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