Question # 1

It is used to record cash, bank and discount transactions on debit and credit side

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Single column cash book

Petty cash book

Double column cash book

Treble column cash book

The balance of petty cash book is a/an

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Asset

Liability

Expense

Income

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense account

An expenditure, which is completely exhausted with in the current accounting period is known as

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Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

An expenditure, which is non-recurring and irregular is called

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Capital expenditure

Revenue expenditure

Short-term expenditure

Current expenditure

Bank account is a:

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Personal account

Real account

Nominal account

None of these

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

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

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

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

The loss prior to the date of incorporation of a company is.

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Revenue loss

Capital loss

Liability

None of these

In single entry system ledger contains the accounts of,

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Debtors, creditors and cash

Wages and carriage

Salaries and insurance

Assets and liabilities

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

the loss whihc arises due to natural causes such as evaporation etc is called.

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Abnormal loss

Normal loss

Additional loss

None of these

The joint stock company is formed under companies ordiance.

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1984

1974

1884

1962

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

The income and expenditure account performs the same function as.

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Trading and profit and loss account

Manafactureng account

Balance sheet

None of these

A certificat issue by the company under its seal acknowledging a debt due by it to its holder, is called.

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Debenture

Certificate of commencement

Acknowledge certificate

Noen of these

Share capital int he balance sheet is known as.

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Asset

Liability

Income

Reserve

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