Question # 1

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

Octori duty paid on machinery, is an example of

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Revenue expenditure

Recurring expenditure

Capital expenditure

Both a & b

Which one of the following is a direct expense?

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Custom duty

Carriage

Wages

All of above

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

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Credit Balance

Debit Balance

Balancing

Zero Balance

A sheet which minimizes the chances of errors to the maximum possible extent is called

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Balance sheet

Work sheet

Paper sheet

Income statement

Which one of the following in used to simplify work, to be done at the end of period

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Balance sheet

Income sheet

Bank statement

Work sheet

Error of principle involves an incorrect allocation of expenditure or receipt between.

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Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

Raw material destroyed in fire represents

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capital loss

revenue loss

normal loss

both b, c

All the acceptances received from the debtors are recorded in

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Cash book

Bills payable book

Debtor's book

Bills receivable book

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

All cash purchases and cash sales are recorded in

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Cash book

Purchases book

Sales book

Purchases and sales book

The retired is one who has

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Died

Withdraw his capital

Bought his capital

Decreases his capital

If all the partners but one is solvent it is.

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Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

In increased net worth method, profit or loss is calculated by preparing,

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Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

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

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

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

The amount payable to the retiring partner is shown in the balance sheet of partnership as.

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Capital

Loan

Investment

Assets

Receipts and payments account shows

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Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

Profit and loss on revalution at the time of retirement must be transerred to the partners in.

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Capital ratio

Old prifit sharing ratio

New profit sharing ratio

Gaining ratio

A partner who is newly admitted to the firm with the consent of all the parties is called.

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Salaried partner

Incoming partner

Junior partner

Minor partner

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