Question # 1

The periodical total of purchases book is posted to the

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Debit of purchases account

Credit of purchases account

Credit of cash account

Debit of sales account

How many parties are involved in case of Discounting of a bill ?

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Two

Three

Four

None of these

Assets which have no market value are called

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Wasting assets

Fictitious assets

Intangible assets

Tangible assets

A statement which is used to reconcile the bank balance as per cash book with the balance as per pass book is called

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Bank statement

Income statement

Bank reconciliation statement

Financial statements

Expired cost of fixed assets means

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Appreciation

Amortization

Depreciation

None of these

Which cash is paid or received in an exchange the transaction is called:

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Sale transaction

Cash transaction

Credit transaction

None of the above

The money can be deposited into bank by means of

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Cash book

Cheque book

Pay-in-slip book

Pass book

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

Profit & Loss a/c is prepared to ascertain

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Gross Profit

Net Profit

Gross Loss

Real Profit

All the transactions related to credit sales are recorded in

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Sales returns book

Sales book

Cash book

Credit note book

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

Goods sent on consignment should be debited int he books of the consignor.

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Consignee account

Consignment account

Goods sen ton consignment

Consignor account

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

Income and expenditure account is equivalent to the.

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Receipt and payment account

Balance sheet

Cash book

Profit and loss account

The assets which have not got physical existence are called.

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Intangible assets

Intangible fixed assets

Current assets

Tangible fixed assets

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

The partnership may come to an end due to the

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Death of a partner

Involvency of a partner

Both of the above

None of these

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

The sum total of the nominal vaue of shares of company is called is.

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Issued capital

Subscribed capital

Share capital

Called up capital

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