Question # 1

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

Loss of good by fire should be credited to:

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Purchase account

Sales account

Loss by goods by fire account

Capital account

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

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

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Two

Three

Four

None of these

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

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

In adjusting the cash balance one of the following is not taken into account:

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Mistakes in the cash book

Mistake in the bank statement

Interest and dividends credited in the bank statement

None of the abvove

The periodical total of purchases book is posted to the

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Debit of purchases account

Credit of purchases account

Credit of cash account

Debit of sales account

The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called

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Cash system

Accrual or mercantile system

Outstanding system

None of these

If there is any error in Bank account it will affect

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Trading and profit and loss account

Profit and loss account

Trading account

Balance sheet

Gaining ratios are equal to.

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New Ratio - Old ratio

Old ratio- New ratio

New Ratio + old ratios

Capital ratios- New Ratios

The maximum number of memebr in case of private limited comapny can be.

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Forty

Fifty

Sixty

No restriction on maximum number

Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.

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Realization account

Revalution account

Debtors account

None of these

A company comes into existence when the registrar issue the

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Prospectus

Certificate of incorporation

statement in Lieu of prospectus

Companies ordinance

If the price required to be paid to the company for the share is more than nominal value of that share, it is called.

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At discount

At premium

At par

None of these

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

Which of the following method is suitable for charging depreciation an machinery and furniture.

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Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

Depreciation is charged on.

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Fixed tangible assets only

Fixex intangible assets only

Current assets only

None of these

The owner wquity in a company is commonly called.

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Shareholder equity

promotors equity

Directors equity

None of these

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