Question # 1

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

Sales returns book periodical total is posted to

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Debit of returns inwards account

Credit of returns inwards account

Debit of returns outwards account

Credit of returns outwards account

Bad debts are

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deferred expenditure

revenue expenditure

capital expenditure

none of these

The Legal tenor of a bill is

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Sixty Days

One Month

Eighty Days

Ninety Days

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

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

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

Which one of the following is a direct expense?

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Custom duty

Carriage

Wages

All of above

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

Wrong allocation of capital and revenue items of expenses represents

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error of casting

error of principle

compensation error

error of commission

Receipts, which are non-recurring by nature, are called

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revenue receipts

current receipts

capital receipts

capital profit

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

All the direct expenses are charged to:

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Balance sheet

Profit and loss account

Trading account

None of these

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