Question # 1

The gross amount of goods sold or services performed during an accounting period is known as

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Purchase

Sale

Gross profit

Net profit

Transportation cost paid for the purchases of Machinery must be debited to

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Transportation cost account

Purchases account

Machinery account

Cash account

Net loss is always

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Equal to gross loss

More than gross loss

Less than gross loss

None of these

Preliminary expenses paid in the formation of a company is a

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Capital expenditure

Deferred expenditure

Revenue expenditure

Capital loss

When is a drawee is declared insolvent which account is to be debited in the books of drawer

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Deficiency a/c

Bad Debts a/c

Solvency a/c

None of these

Which book is used to record all cash receipts and cash payments?

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Sale book

Purchase book

Cash book

Petty cash book

The excess of credit column over debit column in income statement is called

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Net loss

Net profit

Cash balance

Gross profit

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

Assets come into existence upon the happening of a certain event, are called:

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Fixed assets

Fictitious assets

Floating assets

Contingent assets

All those expenses which have become due but not paid are called

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Accrued revenue

Prapaid revenue

Outstanding expenses

Advance expenses

Income received in advance during the year is

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Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

The maximum number of member in case of public limited company can be

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Forty

Fifty

Sixty

No restriction on maximum number

A new partner may be admitted to a partnership.

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With the consent of all the partners

With the consent of any one of the partners

With consent of two third the old partners

Without the consent of old 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

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

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

Registered company is

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2

3

4

5

A person who purchases the share of the company becomes its.

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Share holder

Debenture holder

Under writer

Promoter

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

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Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

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