Question # 1

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

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Pass book

Cheque book

Finance book

Cash book

All the acceptances received from the debtors are recorded in

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Cash book

Bills payable book

Debtor's book

Bills receivable book

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Row form

When cheque received, and deposited into bank, bank account must be

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Credited

Debited

Both debited & credited

None of these

Capital contributed by the partners is a:

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Revenue receipt

Capital receipt

Current receipt

Deferred receipt

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

The outflow of funds to meet the running expenses of a business

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Revenue loss

Revenue expenditure

capital expenditure

capital loss

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

Interest on drawings is

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An asset

A liability

An expense

A revenue

A cash account always shows

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Debit balance

Credit balance

Both debit and credit balance

Nil balance

The favorable balance of bank statement is

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Credit balance

Debit balance

Zero balance

All of these

Our cheque to Ali & Bros, returned dishonored should be credited to

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Cheque account

Cash account

Bank account

Ali & Bros account

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

Capitalized expenditure are shown in

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Trading a/c

Profit or loss a/c

Income statement

Balance sheet

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

The Principle book of accounts is

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Journal

Ledger

Trial Balance

Balance Sheet

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