Question # 1

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

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Rs. 20,00

Rs. 15,00

Rs. 25,00

Rs. 5,00

A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called

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Receipt voucher

Cash voucher

payment voucher

Cash memo

A bill of exchange contains:

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An unconditional order

A promise

A request

A conditional order

Any activity undertaken for the purpose of earning profit is called:

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Performance

Dealing

Business

Duties

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

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 concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

A bill of exchange is a method of payment on

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Cash Basis

Credit Basis

Reserve Basis

Accommodation Basis

Bill receivable account is a:

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Nominal account

Personal account

Real account

Expenses account

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

In case of retirement of a partners full good will is credited to the account of.

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Only retring partner

Only remaining partners

All partners

None of these

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

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

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Capital

Loan

Investment

Assets

We cannot prepare the trial balance and precise balance sheet under,

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Single entry system

Double entry system

"a" and "b"

Barter system

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

In single entry system real accounts are not maintained so the preparation of,

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Correctly

Effectively

Wrongly

Approximately

If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.

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Partner's capital account

Realization account

Liabilities accounts

Cash accounts

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

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