Question # 1

Which column is prepared in single column cash book?

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Bank Column

Cash Column

Discount Column

All of the Above

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

When ban column of a cash book shows a debit balance it means:

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Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

Sales are equal to

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Cost of goods sold + Profit

Gross profit - cost of goods sold

Cost of goods sold - gross profit

None of these

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

How many parties are involved in case of Discounting of a bill ?

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Two

Three

Four

None of these

Income statement is prepared to ascertain the net result of the business concern under

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British accounting system

American accounting system

Cash system of accounting

None of these

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

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Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

The credit purchases were wrongly recorded in sales book, the rectification of entry

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Increase the net profit by double amount

Decrease the net profit by double amount

Decrease the net profit

Increase the net profit

The amount invested by the owner in the business to produce revenue is known as

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Income

Asset

Capital

Liability

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

In receipt and payments account

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No narration is written

No ledger reference is recorded

Daily cash balance cannot be ascertained

All of the above

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

Under annuity method the amount of depreciation is.

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Increasing every year

Decreasing every year

Fixed for all the year

None of these

Registered company is

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2

3

4

5

If some proparty is owned jointly with out any attention to carry on a business it is called.

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Partnership

Co- ownership

Sole ownership

Agency

Sacrificing rations are equal to.

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Capital Ratios- New ratios

Old ratios - New ratios

New ratio - old ratios

None of these

Share capital int he balance sheet is known as.

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Asset

Liability

Income

Reserve

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.

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Depreciation

Depletion

Amortization

None of these

A prospectus for subscription of shares can be issued only by.

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Public company

A private company

Both public and private company

None of these

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