Question # 1

Nominal account are related to:

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Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

Bad debts are

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Deferred expenditure

Revenue expenditure

Capital expenditure

None of these

A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:

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Rs.10,000

Rs.20,000

Rs,30,000

Rs. 40,000

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

The price of goods sold or services rendered to the customers is called

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Sale

Profit

Expense

Revenue

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

How many parties are involved in case of Discounting of a bill ?

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Two

Three

Four

None of these

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

An expenditure incurred to the increases the profit earning of the concern is a:

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Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

When cash is received from debtor or customer, generally a receipt is issued to the debtor which is called

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Payment voucher

Receipt voucher

Cash voucher

None of these

Under annuity method the amount of depreciation is.

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Increasing every year

Decreasing every year

Fixed for all the year

None of these

Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.

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Depreciation

Depletion

Amortization

None of these

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

Joint stock company is an Artificaial person created by

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Law

Federal Govt

Registrar

Employees

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

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

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

If the debit side of the recipt and payment account exceeds the credit side it represents.

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Bank over draft

Cash at bank

Surplus balnce

Deficit balance

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