Question # 1

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

When saleable goods are bought in a business are called:

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Sales

Purchase

Assets

Goods

Preliminary expenses paid in the formation of a company is a

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Capital expenditure

Deferred expenditure

Revenue expenditure

Capital loss

From business point of view, interest on capital is considered as

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An income

An Expense

A Profit

A Liability

Bad debts are

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deferred expenditure

revenue expenditure

capital expenditure

none of these

All cash purchases and cash sales are recorded in

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Cash book

Purchases book

Sales book

Purchases and sales book

When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called

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Honoured Bill

Retired Bill

Dishonoured Bill

Endorsed Bill

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

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

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

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