Question # 1

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called

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Cash system

Accrual or mercantile system

Outstanding system

None of these

A bank reconciliation statement is prepared by:

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banker

Accountant of the business

Statutory auditors

Rigistar

One way of avoiding errors in the permanent accounting records is to use a form which is called

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Bank statement

Trail balance

Balance sheet

Work sheet

Net profit plus expenses is equal to

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purchases

Cost of goods sold

Capital

Gross profit

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

An expenditure, which increases the utility or productive capacity of an asset is treated as

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Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

Error of carry forward will affect

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Personal accounts

Nominal accounts

Impersonal accounts

None of these

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

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