Question # 1

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

Bad debts recovered should be credited to

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Balance Sheet

Trading a/c

Profit & Loss a/c

None of these

Ahmed's cheque endorse to Akbar should be debited to

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Cash account

Cheque account

Akbar's account

Ahmed account

Cash paid to Naeem will affect

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cash & capital

cash & creditor

cash and debtors

cash & goods

Net profit plus expenses is equal to

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purchases

Cost of goods sold

Capital

Gross profit

The credit purchases were wrongly recorded in sales book, the rectification of entry

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Increase the net profit by double amount

Decrease the net profit by double amount

Decrease the net profit

Increase the net profit

The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called

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Gross income

Net income

Revenue

Expenses

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be

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overstated by Rs. 3,000

understated by Rs. 6,000

understated by Rs. 3,000

overstated by Rs. 6,000

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

Debts which are repayable in the course of less than one year bur more than one month are called

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Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

The extra amount charged fromt he new partner over and above the capital is for.

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Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

In receipt and payments account

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No narration is written

No ledger reference is recorded

Daily cash balance cannot be ascertained

All of the above

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Cash received from the debtors can be find out by preparing.

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Debtors account

Creditors account

Balance sheet

Trial balance

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

Amount due to the deceased partner is generally transferred to

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Executor's loan

Profit and loss accounts

Capital account

None of thess

In the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment account

None of these

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