Question # 1

.If the error committed in the capital account, it will affect

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Trading account

Profit and loss account

Trading and profit and loss account

Balance sheet

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

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Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

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

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

Which cash is paid or received in an exchange the transaction is called:

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Sale transaction

Cash transaction

Credit transaction

None of the above

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary 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

A basis of business languages

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accounting

bookkeeping

transaction

cost accounting

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

Goods sent on consignment should be debited int he books of the consignor.

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Consignee account

Consignment account

Goods sen ton consignment

Consignor account

In case of public company minimum number of members is.

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Six

Seven

Ten

Fifty

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

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Memorandum of association

Article of association

Prospectus

None of he above

Revaluation account is a.

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Real account

Personal account

Cash account

Nominal account

When a firm dissolved with the consent of all the partners it is called.

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Dissolution by notice

Dissolution by agreement

Dissolution by court

Compulsory dissolution

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Abnormal loss arises due to.

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Natural causes

Evaporation drying breaking in bulk

Pilferage , theft fire etc.

Some unavoidable causes

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

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