Question # 1

An expenditure, which is completely exhausted with in the current accounting period is known as

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Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

______ simplifies work to be done at the end of the period

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Work sheet

Ledger

Trail balance

Balance sheet

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

A bank reconciliation statement is prepared by:

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banker

Accountant of the business

Statutory auditors

Rigistar

Real accounts are related to:

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Assets

Expenses, losses and incomes

Customers, creditors

Incomes

Profit & Loss a/c is prepared to ascertain

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Gross Profit

Net Profit

Gross Loss

Real Profit

Bookkeeping provides the

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primary information

secondary information

final information

insufficient information

The transactions, the effect of which is not exhausted with in the current accounting year are called

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Revenue transaction

Capital transaction

Current transaction

Monetary transaction

Net sales equal to

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Sales - Returns outwards

Sales + Returns inwards

Sales - Returns inwards

Purchases - Returns inwards

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

The gross amount of goods sold or services performed during an accounting period is known as

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Purchase

Sale

Gross profit

Net profit

Partnership is formed under the act of.

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1984

1932

1912

1962

Under the conversion method of single entry credit salea are ascertained by preparing the.

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Total debtors account

Total creditors account

Total cash account

Total bills receivable account

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

The method is specially suited to natural surces is said to be

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Annuity method

Depletion method

Revalution method

Sum of digit method

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

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

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Unlimited

Limited

Compulsory

None of these

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

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Capitals

Profit and loss ratios

Equality

Time devoted by each partner

In the absence of an agreement, the share of new partner in patnership will be.

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In the portion of capital

Equal

According to work

None of the above

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

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