Question # 1

The system of recording transaction based on dual concept is called

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Double account system

Double entry system

Single entry system

Management system

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

Transaction are recorded data wise, so journal is also called:

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Entry book

Transaction book

Chronological book

Voucher

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

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Cheque account

Cash account

Bank account

Ali & Bros account

Receipts, which are non-recurring by nature, are called

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revenue receipts

current receipts

capital receipts

capital profit

A basis of business languages

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accounting

bookkeeping

transaction

cost accounting

Our cheque to Babar & Bros, returned dishonoured should be credited to

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Cheque Account

Cash Account

Bank Account

Babar & Bros A/c

When a Bill is dishonoured, the holder of the bill goes to an official called

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Inspector

Notary Public

Drawer

Manager

The capital profit should be transferred to:

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Profit and loss account

Trading account

Balance Sheet

Both Trading and profit and loss account and balance sheet

Written below each entry is the

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Transaction

Voucher no

Narration

Date

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

The liability of the shareholder of a public limited company is.

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Unlimited

Limited

Compulsory

None of these

Capital of the partners are maintained under.

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Fixed capital method

Fluctuating method

By any two of the above

None of the above

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Arithmetical accuracy of the books of accounts cannot be checked under.

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Single Entry system

Double entery system

None entery system

Both a and b

A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.

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Limited company

Un limited company

Company limited by guarantee

Chartered company

In cash book

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Each entry is followed by narration

Ledger reference is recorded

Each transaction is recorded in chronological order

All of the above

In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.

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Consignor

purchaser

Consignee

None of these

A partner who takes an active part in the managment of the firm is called.

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Active partner

Sleeping partner

Norminal partner

Quasi partner

Abnormal loss arises due to.

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Natural causes

Evaporation drying breaking in bulk

Pilferage , theft fire etc.

Some unavoidable causes

The documents which contains the rules and regulation for the internal management of the company is called.

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Prospectus

Articles of assocaition

Memorandum of association

Notice

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