Question # 1

Heavy expenditure on advertisement for making a new product is a

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Revenue expenditure

Deferred expenditure

Capital loss

Non-recurring expenditure

In journalizing the page numbers of the ledgers are written in:

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The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

Error of principle involves an incorrect allocation of expenditure or receipt between.

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Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

The system of recording transaction based on dual concept is called

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Double account system

Double entry system

Single entry system

Management system

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

.The cash book is a

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Subsidiary journal

Ledger account

Subsidiary journal and ledger

Trial balance

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

Debts which are repayable in the course of less than one year bur more than one month are called

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Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

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