Question # 1

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

In double entry system of bookkeeping every business transaction affects:

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Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

Petty cash book is a branch of

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Pass Book

Cash Book

Journal

Ledger

The body of worksheet contains

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Two pairs of money column

Three pairs of money column

Four pairs of money column

Five pairs of money column

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

The Legal tenor of a bill is

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Sixty Days

One Month

Eighty Days

Ninety Days

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

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Error of principle

Errors of omission

Errors of commission

Compensating error

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

A bill which is both drawn and payable within the geographical boundaries of a country

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Foreign Bill

Local Bill

Municipal Bill

Inland Bill

Both aspects of a transaction must be recorded in,

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Single entry system

Barter system

Double entry system

Islamic system

Depreciation fund method is also known as.

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Sinking fund method

Annuity method

Sum- of year's digit method

None of these

For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.

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Cash account

Consignee personal account

Consignment account

None of the above

the activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

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