Question # 1

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

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Increase the net profit

Decrease the net profit

Have double effect on net profit

Have no effect on net profit

Our cheque to Babar & Bros, returned dishonoured should be credited to

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Cheque Account

Cash Account

Bank Account

Babar & Bros A/c

The periodical total of purchases returns book is posted to

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Debit of returns outwards account

Credit of returns inwards account

Debit of returns inwards accounts

Credit of returns outwards account

Disagreement in balances may arise owing to mistake or mistakes in the:

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Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

Net profit is always

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Equal to gross profit

more than gross profit

Less than gross profit

None of these

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

A bill which is both drawn and payable within the geographical boundaries of a country

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Foreign Bill

Local Bill

Municipal Bill

Inland Bill

If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.

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Capital ratio

Old profit sharing ratio

New profit shiaring ratio

None of these

The opening and closing balance of bills Receivable can be calculated by preparing the.

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Total debtors accounts

Total creditors account

Bills Recivable accounts

Salaes accounts

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

A paartner who have a major investment in the firm and receive a relatively more profit is called.

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Sleeping partner

Darment partner

Senior partner

Estoppels partner

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

Un recorded liability when paid on dissolution of the firmis debited to.

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Realization account

Liability account

Partners capital account

None of these

Another name of diminishing balance method of depreciation is the

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Reducing balance method

Sinking fund method

Straight line mehod

Revaluation method

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

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Single , entery system

Accrual system

Double enterysystem

Cash system

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

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