Question # 1

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

The book in which all cash transactions are primarily recorded is called

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Cheque Book

Pass Book

Cash Book

Finance Book

Petty cash book is a branch of

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Pass Book

Cash Book

Journal

Ledger

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

Income statement is prepared to ascertain the net result of the business concern under

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British accounting system

American accounting system

Cash system of accounting

None of these

If there is any error in Bank account it will affect

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Trading and profit and loss account

Profit and loss account

Trading account

Balance sheet

The inflow of assets in return for services performed or products delivered during a period is

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Asset

Revenue

Non current asset

None of these

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

In adjusting the cash balance one of the following is not taken into account:

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Mistakes in the cash book

Mistake in the bank statement

Interest and dividends credited in the bank statement

None of the abvove

Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to

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Cash account

Discount allowed account

Bank account

Both a & b

When balance of suspense account has debit balance it will be shown in balance sheet on

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Liability side

Capital side

Asset side

Credit side

The documents which contains the rules and regulation for the internal management of the company is called.

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Prospectus

Articles of assocaition

Memorandum of association

Notice

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

Interest is debited to assets account uder the.

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Annuity method

Depreciation fund method

Insurance policy method

Depletion method

Dell creder commission is calculated on.

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Total sales

Cash sales

Credit sales

None of these

Single entery system is most suitbale where

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Credit transactions are numerous.

Cash transactions are numerous

Cahs and credit transactions both are numerios

None of the above

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

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