Question # 1

The document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called:

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Receipt voucher

Payment voucher

Cash voucher

Cash memo

When boan statement shown a debit total balance it means:

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Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

An expenditure incurred to the increases the profit earning of the concern is a:

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Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

In form journal, the first column represents:

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Ledger Folio

Data

Amount

Debit

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

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suspense A/c

sales A/c

cash A/c

none of above

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

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Increase the net profit

Decrease the net profit

Have double effect on net profit

Have no effect on net profit

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position statement

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 of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

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Balance sheet columns

Income statement columns

Cash columns

Bank columns

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

Share applicaton account is in the nattur eof.

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Real account

Personal account

Nominal account

None of the above

A company comes into existence when the registrar issue the

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Prospectus

Certificate of incorporation

statement in Lieu of prospectus

Companies ordinance

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

In consginee's books the payment of expense by consignee should be debited to

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Consignment account

Consignnors account

Cash account

None of these

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

In cash of net worth method of sigle entery system net profikt is ascertained by.

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Prepareing the trading and profit and account

By cimparing the capitals in the beginning and at the end of the accounting period.

Capital closing + Drawing - fresh capital - opening capital

Capital opening+ Drawing - fresh capital-closing stock

If the goods will raised at the tim e of admissionof a new partner will be written off in.

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Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.

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All partners capital accounts

Only retiring partners capitals accounts

Remaiingng partners capital account

None of these

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

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