Question # 1

کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں

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قانون تقلیل افادہ مختتم

قانون مساوی افادہ مختتم

قانون طلب

قانون تقلیل حاصل

Goodwill, patent, copyright are classified as

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Current Assets

Fixed Assets

Tangible Assets

Wasting Assets

The Principle book of accounts is

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Journal

Ledger

Trial Balance

Balance Sheet

The Legal tenor of a bill is

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Sixty Days

One Month

Eighty Days

Ninety Days

A document given by the seller to the buyer for credit sale of goods or assets is called

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Cash memo

Invoice

Voucher

None of these

An expenditure, incurred to improve the position of the business is known as

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Deferred expenditure

Revenue expenditure

Capital expenditure

Recurring expenditure

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

If a transaction has been completely omitted from the Journal it will be considered

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Error of commission

Error of principle

Error of omission

None of these

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

Retiring a bill under rebate means:

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Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

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

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.

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Sales account

Performa invoice

Account sales

None of these

Amount due to the deceased partner is generally transferred to

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Executor's loan

Profit and loss accounts

Capital account

None of thess

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

The consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

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

The amount of good will broght in cash by nw partner will be credited to old partner in.

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Gaining Ratio

New Ratio

Old Ratio

Sacrifice Ratio

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

Reliization account is opened to find out gain or loss at the time of.

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Admisson of a new partner

Retirement of the partner

Death of the partners

None of these

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