Question # 1

Interest on drawing is debited to

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Capital

Drawings

Sundry Creditors

Outstanding expense

The book which is used to record all goods returned by us to our supplier is called

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Returns inwards book

Purchases book

Return outwards book

Sales book

In three column cash book, discount column is

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Totaled

Balanced

Carry Forward

Both a and b

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 statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

Discount deducted from the catalogue or list price is called:

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Trade discount

Cash discount

Catalogue discount

Credit discount

Which one of the following is not considered the permanent part of the accounting record?

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Journal

Trail balance

Ledger

Work sheet

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

A Ledger is a book in which

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Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

When money is paid to a creditor or supplier a receipt is obtained from him which is called

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Cash voucher

Cash payment

Receipt voucher

Payment voucher

Bank Reconciliation represents

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A Journal

A Ledger

A Statement

both a and c

Registraion of the firm.

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It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

The unsold stock is valued at

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Original cost of the goods

Market value of the goods

Orginal cost price + proportionate direct expense incutred by the both consignor and consignee

Cost of market pric ewhich wver is the lower.

The fingure of bills payable is worked out by preparing the.

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Total debtors account

Total creditors account

Cash book

Balance sheet

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

To make provision for the replacement of the assets. the method is to be ysed is.

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Written down value method

Annuity method

Sinking fund method

Insurance policy method

In the books of consignor, the loss on the consignment should be crediterd to.

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Consignment account

Consigneee 's account

Profit and loss account

Gppds sent on consignemnt

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

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Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

A company comes into existence when the registrar issue the

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Prospectus

Certificate of incorporation

statement in Lieu of prospectus

Companies ordinance

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

The charter of the company containing the objects of whihc for company is being formed is called.

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Articles of association

Prospectus

Memorandum of associaton

Notice

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

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