Question # 1

Octori duty paid on machinery, is an example of

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Revenue expenditure

Recurring expenditure

Capital expenditure

Both a & b

All the direct expenses are charged to:

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Balance sheet

Profit and loss account

Trading account

None of these

The gross amount of goods sold or services performed during an accounting period is known as

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Purchase

Sale

Gross profit

Net profit

An income which has earned but not received is called

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Unearned income

Accrued revenue

Revenue received in advance

None of these

A bill which is both drawn and payable within the geographical boundaries of a country

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Foreign Bill

Local Bill

Municipal Bill

Inland Bill

The book which is used to record all goods returned by us to our supplier is called

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Returns inwards book

Purchases book

Return outwards book

Sales book

When money is paid to a creditor or supplier a receipt is obtained from him which is called

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Cash voucher

Cash payment

Receipt voucher

Payment voucher

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

Patent is an example of

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Assets

Liabilities

Income

Expense

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

Our cheque to Ali & Bros, returned dishonored should be credited to

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Cheque account

Cash account

Bank account

Ali & Bros account

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

In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.

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5 persent

6 persent

8 persent

9 persent

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

In case of dissolution if there is any undivided profit are reserve should be credited to.

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Partners capital accounts

Realization accounts

Reserve account

Revaluation accounts

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

In case of dissolution, assets sold for cash are debited to.

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Realization account

Cash account

Assets account

None of these

In case of dissolution, assets sold for cash are debited to

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Realization account

Cash account

Assets account

None of these

The assets which have not got physical existence are called.

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Intangible assets

Intangible fixed assets

Current assets

Tangible fixed assets

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

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