Question # 1

Which one of the following is not considered the permanent part of the accounting record?

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Journal

Trail balance

Ledger

Work sheet

Bank Reconciliation represents

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A Journal

A Ledger

A Statement

both a and c

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

Net sales equal to

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Sales - Returns outwards

Sales + Returns inwards

Sales - Returns inwards

Purchases - Returns inwards

If a transaction has been completely omitted from the Journal it will be considered

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Error of commission

Error of principle

Error of omission

None of these

Which of the following discloses the financial position of the business

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Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

Which book is used to record all credit purchases?

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Purchases book

Purchases book return

Cash book

Debit note book

Distinction between capital and revenue items is important for the preparation

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Balance sheet

Trading and profit or loss a/c

Bank reconciliation statement

Both a & b

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

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

The amount of share capital with which a company is registered is called.

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Authorized capital

Issued capital

Paid up capital

Called up capital

Partnership is formed under the act of.

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1984

1932

1912

1962

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

The loss prior to the date of incorporation of a company is.

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Revenue loss

Capital loss

Liability

None of these

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

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

Un recorded liability when paid on dissolution of the firmis debited to.

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Realization account

Liability account

Partners capital account

None of these

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

The basic club record or book of original entry in non-profit making organization

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Purchase book

Sales book

Cash book

"a" and "b"

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

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