Question # 1

Petty cash book is a branch of

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Pass Book

Cash Book

Journal

Ledger

In journalizing the page numbers of the ledgers are written in:

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The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

Assets which have no physical existence are called

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Tangible assets

Fictitious assets

Liquid assets

Intangible assets

Error of carry forward will affect

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Personal accounts

Nominal accounts

Impersonal accounts

None of these

Preliminary expenses paid in the formation of a company is a

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Capital expenditure

Deferred expenditure

Revenue expenditure

Capital loss

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:

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Rs. 200 will be deducted

Rs. 200 will be added

Rs. 400 will be added

Rs. 400 will be deducted

A transaction has been journalized but posted wrongly in the ledger account, it is an:

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Error of positing

Error of principle

Error of omission

Error of commission

The balance of revalution account is transferred to the capital accounts of the partners in.

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Profit sharing ratios

Capital ratios

Equality

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

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

At the end of the year non trading institutions prepare.

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Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

Amount of to the out going partner is shown in the balance sheet as his.

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Liability

Loan

Capital

Assets

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

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

None of these

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

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