Question # 1

Disagreement in balances may arise owing to mistake or mistakes in the:

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Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

Bad debts are

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Deferred expenditure

Revenue expenditure

Capital expenditure

None of these

The concession given by the supplier to the buyer on purchases of good is known as:

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Sales discount

Trade discount

Purchase discount

Discount received

An entry which is recorded on the both sides of cash book is called

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Simple entry

Compound entry

Combined entry

Contra entry

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

An expenditure, incurred to improve the position of the business is known as

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Deferred expenditure

Revenue expenditure

Capital expenditure

Recurring expenditure

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

How many columns are drawn on one side of three column cash book ?

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Five Columns

Six Columns

Seven Columns

Eight Columns

It is prepaid to determine the gross profit or gross loss

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Trading account

Profit or loss account

Balance sheet

None of these

Bill receivable account is a:

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Nominal account

Personal account

Real account

Expenses account

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

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Debtors account

Creditors account

Sales book

Cash book

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

The sum total of the nominal vaue of shares of company is called is.

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Issued capital

Subscribed capital

Share capital

Called up capital

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

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

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Realization account

Partners capital account

Assets account

None of these

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

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

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Single , entery system

Accrual system

Double enterysystem

Cash system

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