Question # 1

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

None of these

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

A bill from the point of view of a creditor is called a:

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Bill payable

Bill receivable

Bil acceptable

Bill rejectable

If a liability is recorded as income, it will be considered as

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Error of commission

Error of omission

Error of Principle

None of these

The system of accounting in which accounting entries are made only when cash received or paid is known as

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Cash system

Accrual system

Mercantile system

Single system

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

Bad debts are

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Deferred expenditure

Revenue expenditure

Capital expenditure

None of these

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

The amount becomes due from the customers is called

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Allowance

Loan

Debts

Doubtful debts

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

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

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

None of these

A paartner who have a major investment in the firm and receive a relatively more profit is called.

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Sleeping partner

Darment partner

Senior partner

Estoppels partner

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

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Capital ratios

Profit sharing ratios

Equal ratios

None of these

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

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

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

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Debtors account

Creditors account

Trial balance

Statement of affairs

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