Question # 1

Unfavourable balance means

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Credit Balance in the Pass Book

Credit Balance in the Cash Book

Debit Balance in Bank Statement

Both b and c

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

Carriage account is a/an

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asset account

revenue account

expenditure A/c

withdrawal account

A dealing between two persons is called a

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business

transaction

purchases

sales

The favourable balance of bank statement is

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Credit Balance

Debit Balance

Zero Balance

Both b and c

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

Which column is prepared in single column cash book?

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Bank Column

Cash Column

Discount Column

All of the Above

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

The transaction for which non separate book is maintained are recorded in:

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Journal proper

Bills receivable book

Bills payable book

Cash book

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

Depreciation fund method is also known as.

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Sinking fund method

Annuity method

Sum- of year's digit method

None of these

In increased net worth method, profit or loss is calculated by preparing,

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Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

Capital of the partners are maintained under.

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Fixed capital method

Fluctuating method

By any two of the above

None of the above

The asses which have physical existence are called.

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Intangible assets

Intangible fixed assets

Tangible fixed assets

Both tangible or intangible assets

In case of dissolution, assets sold for cash are debited to.

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Realization account

Cash account

Assets account

None of these

The debentures which are repayable at the end of a specified period are termed as.

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Redeemeble debentures

Irredeemable debentures

Repayable debetures

None of these

Profit on revalutin is to be caredited to old partners in their

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Sacrificing ratio

New profit shiaring ratio

Old prift sharing ratio

Equal prift sharing ratio

In cash book

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Each entry is followed by narration

Ledger reference is recorded

Each transaction is recorded in chronological order

All of the above

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

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Memorandum of association

Article of association

Prospectus

None of he above

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

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