Question # 1

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

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

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

Gross profit represents

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Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called

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Position statement

Statement of condition

Financial statement

Bank reconciliation statement

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

The process of totaling the data at the end of the period is called

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Posting

Casting

Compensating

Recording

The creditor of the business are called:

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Assets

Liabilities

Capital

Income

The debentures which are repayable at the end of a specified period are termed as.

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Redeemeble debentures

Irredeemable debentures

Repayable debetures

None of these

A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as.

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Oversubscription

Under subscription

No subscription

None of these

The company formed by teh means of Royal Charter is called.

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Public limited company

Private limited company

Charterd company

Registered company

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

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

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

We cannot prepare the trial balance and precise balance sheet under,

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Single entry system

Double entry system

"a" and "b"

Barter system

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

All of the above

premium on issue of shares is shown in.

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Assets side of balance sheet

Liabilities side of balance sheet

Trading account

Profit and loss account

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

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