Question # 1

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

Interest on drawings is

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An asset

A liability

An expense

A revenue

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

An expenditure, which is temporarily increase the profit making capacity of the business is called

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Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

Error of posting effects:

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One account

Two accounts

Three accounts

Four accounts

Which column is prepared in single column cash book?

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Bank Column

Cash Column

Discount Column

All of the Above

A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:

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Rs.10,000

Rs.20,000

Rs,30,000

Rs. 40,000

The book in which all cash transactions are primarily recorded is called

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Cheque Book

Pass Book

Cash Book

Finance Book

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

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

Account salesis submitted by.

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Teh consignor to the consignee

The consignee to the consignor

the debtor to the creditors

The principle to his agent

If the price required to be paid to the company for the share is more than nominal value of that share, it is called.

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At discount

At premium

At par

None of these

On retirement of a partner the share of a retiring partner is taken by.

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Remaining partner

New partner

Legal representator or retiring partner

None of these

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

A partner does not take an acitive partner is the managment firm is called.

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Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

The debentures which does not carry any charges o the assets of the company.

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Simple debentures

Mortagage debentures

Redeemable debentures

None of these

If some proparty is owned jointly with out any attention to carry on a business it is called.

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Partnership

Co- ownership

Sole ownership

Agency

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

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Bonus

Commission

Del creder commision

Credit commission

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

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Gaining ratio

Serching ratio

Capita ratio

New 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

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