Question # 1

The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called

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Gross income

Net income

Revenue

Expenses

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

The revenue that has not become due, but received in cash in current year is known as

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Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

The profit which is earned during the ordinary course of business is regarded as:

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Capital profit

Revenue profit

Revenue loss

Long term profit

Patent is an example of

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Assets

Liabilities

Income

Expense

Wrong allocation of capital and revenue items of expenses represents

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error of casting

error of principle

compensation error

error of commission

The transaction for which non separate book is maintained are recorded in:

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Journal proper

Bills receivable book

Bills payable book

Cash book

Accounts relating to persons of firms are called:

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Real accounts

Proprietary accounts

Personal accounts

Nominal accounts

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

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

Income and expenditure account is equivalent to the.

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Receipt and payment account

Balance sheet

Cash book

Profit and loss account

The asses which have physical existence are called.

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Intangible assets

Intangible fixed assets

Tangible fixed assets

Both tangible or intangible assets

The amount payable to the retiring partner is shown in the balance sheet of partnership as.

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Capital

Loan

Investment

Assets

In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.

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Salary

Wages

Profit

Commission

A partner does not take an acitive partner is the managment firm is called.

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Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

Those debentures which carry no security as to payment of interest or repayment of principal, are known as.

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Morgagage debentures

Secured debentures

Simple of naked debentures

None of these

The profit earned prior to the date of incorporatin is.

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Revenue profit

Capital profit

Capital gain

Revenue gain

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

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