Question # 1

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

When a drawee honours his acceptance, he will credit

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Capital Account

Drawer Account

Bill Payable Account

Cash Account

The accrued income or outstanding income will appear in the balance sheet as

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An expense

A liability

An asset

Both a & b

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

.If the error committed in the capital account, it will affect

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Trading account

Profit and loss account

Trading and profit and loss account

Balance sheet

Income statement is prepared to ascertain the net result of the business concern under

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British accounting system

American accounting system

Cash system of accounting

None of these

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

Which book is used to record all credit purchases?

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Purchases book

Purchases book return

Cash book

Debit note book

The gross amount of goods sold or services performed during an accounting period is known as

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Purchase

Sale

Gross profit

Net profit

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

To make provision for the replacement of the assets. the method is to be ysed is.

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Written down value method

Annuity method

Sinking fund method

Insurance policy method

On the admission of a new partneer the decreasein the value of assets is debited to.

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

Premium on issue of share is a.

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Capital profit

Business loss

Revenue profit

Revenue loss

Revaluation account is a.

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Real account

Personal account

Cash account

Nominal account

Current accout of the partners should be opened when the capitals are.

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Fluctuating

Fixed

Either fixed or fluctuating

Neither fixed or fluctuating

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

the activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Good will is

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Expense

Profit

Assets

Liability

When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.

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Good will accounts

Cash Account

Capital account of the incoming partner

All of the above

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