Question # 1

The favorable balance of bank statement is

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Credit balance

Debit balance

Zero balance

All of these

The process of totaling the data at the end of the period is called

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Posting

Casting

Compensating

Recording

Ahmed's cheque endorse to Akbar should be debited to

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Cash account

Cheque account

Akbar's account

Ahmed account

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

A bill from the point of view of a creditor is called a:

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Bill payable

Bill receivable

Bil acceptable

Bill rejectable

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

An entry which is recorded on the both sides of cash book is called

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Simple entry

Compound entry

Combined entry

Contra entry

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

Which one of the following is not considered the permanent part of the accounting record?

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Journal

Trail balance

Ledger

Work sheet

Any mistake in ledger can be easily detected with the help of:

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Journal

Balance sheet

Trial balance

Financial statement

The effect of drawing on accounting equation is

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decrease in assets and decrease in liabilities

increase in both assets & liabilities

decrease in assets and increase in capital

none of these

Consignor is also called.

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Principal

Agent

Debtor of the consignee

Creditor of the consignee

If the goods will raised at the tim e of admissionof a new partner will be written off in.

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Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

The shares of public limited company are.

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Not refundable

Not tanserable

Transferable

No allotable

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

The figure of the credit purchase can be worked out.

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Total debtors account

Total creditors account

Cash book

Balance sheet

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be

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RS. 5,000

Rs. 4050

Rs.4500

Rs. 40,000

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

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

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