Question # 1

When cash is withdrawn from the bank for the personal use of the owner, must be debited to

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Cash account

Bank account

Drawings account

Capital account

Interest on drawing is debited to

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Capital

Drawings

Sundry Creditors

Outstanding expense

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

When cheque received, and deposited into bank, bank account must be

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Credited

Debited

Both debited & credited

None of these

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

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

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Returns outwards book

Returns inwards book

Sales book

Cash book

Ahmed's cheque endorse to Akbar should be debited to

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Cash account

Cheque account

Akbar's account

Ahmed account

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

A revenue expenditure, the benefit of which is not confined to one accounting year is called

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Non-current expenditure

Revenue expenditure

Future expenditure

Deferred expenditure

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary Account

Cash received from the debtors can be find out by preparing.

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Debtors account

Creditors account

Balance sheet

Trial balance

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

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 consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

The debentures which are payable to bearere, are termed as.

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None transfereble

Registered debentures

Bearer debentures

Non - bearere debentures

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

The maximum number of member in case of public limited company can be

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Forty

Fifty

Sixty

No restriction on maximum number

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

Partnership is formed under the act of.

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1984

1932

1912

1962

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