Question # 1

Office rent is a

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Financial Expense

Abnormal Loss

Management Expense

Maintenance 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

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

The most exhaustive cash book is

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Petty Cash Book

Single Column Cash Book

Double Column Cash Book

Treble Column Cash Book

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

Wrong allocation of capital and revenue items of expenses represents

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error of casting

error of principle

compensation error

error of commission

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

Wages paid for installing a machine should be debited to

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Wages a/c

Cash a/c

Machinery a/c

none of these

Income received in advance during the year is

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Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

How many categories of accounts are

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two

three

four

five

If the price required to be paid to the company for the share is equal to the nominal value of that share it is called.

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At discount

At premium

At par

None of these

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

A statement of assets and liabilities is prepared under the single entery system is called.

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Balance sheet

Financial statement

Statement of affair

Cash transaction

The maximum number of memebr in case of private limited comapny can be.

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Forty

Fifty

Sixty

No restriction on maximum number

Joint stock company is an Artificaial person created by

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Law

Federal Govt

Registrar

Employees

The basic club record or book of original entry in non-profit making organization

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Purchase book

Sales book

Cash book

"a" and "b"

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.

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Limited company

Un limited company

Company limited by guarantee

Chartered company

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

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