Question # 1

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

All the transactions related to credit sales are recorded in

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Sales returns book

Sales book

Cash book

Credit note book

Accounting records of a business enterprise are required by

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management of the business

outsiders

all of the above

none of the above

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

In form journal, the first column represents:

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Ledger Folio

Data

Amount

Debit

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

Which column is prepared in single column cash book?

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Bank Column

Cash Column

Discount Column

All of the Above

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

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 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

Amount received by the way of gift from any person or organization is called.

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Donation

Subscription

Legacy

None of these

If the price required to be paid to the company for the share is more than nominal value of that share, it is called.

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At discount

At premium

At par

None of these

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

The shares of public limited company are.

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Not refundable

Not tanserable

Transferable

No allotable

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

When a new partner is admitted with out the consent of the old partner.

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Partnership will be dissolved

Will value

Agreed value

None of these

Equity share holders are.

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Creditors

Owners

Customers of the company

Debtors of the company

The income and expenditure account performs the same function as.

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Trading and profit and loss account

Manafactureng account

Balance sheet

None of these

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

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