Question # 1

A book which is used to record small expenses is called

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Expenses book

Cash book

Petty cash book

Purchases book

Wages paid for installing a machine should be debited to

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Wages a/c

Cash a/c

Machinery a/c

none of these

The act of withdrawing a bill of exchange from circulation when it had been paid before the due date

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Renewal of a Bill

Discounting of a Bill

Endorsement of a Bill

Retiring of a Bill

Assets come into existence upon the happening of a certain event, are called:

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Fixed assets

Fictitious assets

Floating assets

Contingent assets

The process of totaling the data at the end of the period is called

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posting

casting

compensating

recording

Net profit plus expenses is equal to

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purchases

Cost of goods sold

Capital

Gross profit

A bill from the point of view of a debtor is called

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Bill Acceptable

Bill Receivable

Bill Payable

None of these

The money can be deposited into bank by means of

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Cash book

Cheque book

Pay-in-slip book

Pass book

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

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Commission account

Consignee's personal account

Consignement account

None of these

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 liability of the shareholder of a public limited company is.

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Unlimited

Limited

Compulsory

None of these

Revaluation account is a.

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Real account

Personal account

Cash account

Nominal account

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

Cash received from the debtors can be find out by preparing.

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Debtors account

Creditors account

Balance sheet

Trial balance

Under which method the book value of the fixed assets acn be reduce to zero after certain year

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Diminishing balance method

Straght line method

Depreciation find fond

Deflation method

The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.

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All partners capital accounts

Only retiring partners capitals accounts

Remaiingng partners capital account

None of these

In the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment account

None of these

Share capital int he balance sheet is known as.

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Asset

Liability

Income

Reserve

Acceptance received durinthe period must be debited to bills receivable account and credited to.

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Total bills receivable account

Total debtors account

total cash account

Total bills receivabel account

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