Question # 1

When the goods are returned to the suppliers, an intimation is sent to them is called

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Currency note

Invoice

Debit note

Credit note

A bill of exchange is drawn by:

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A debtor

A creditor

A holder

Endorsee

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

Suspense means

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certainty

uncertainty

surly

none of these

Accounting principles can be classified in

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three types

two types

five types

six types

Bank Reconciliation represents

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A Journal

A Ledger

A Statement

both a and c

Cost incurred to generate revenue is called

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Revenue

Cost

Expense

Liability

The const concept applied only to the assets and not to:

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Expenses

Liabilities

Incomes

None of these

Income received in advance during the year is

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Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

A statement which is prepared to know the financial position of a business on a particular date, is called

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Balance sheet

Statement of condition

Position statement

All of above

Cost of goods sold is equal to

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sales - purchases

purchases + closing stock - returns outwards

Opening stock - closing stock + purchase + returns inwards

Opening stock + purchases - returns outwards - closing stock

Share applicaton account is in the nattur eof.

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Real account

Personal account

Nominal account

None of the above

The extra amount charged fromt he new partner over and above the capital is for.

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Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

The Closing Capital is worked out by preparing the.

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Opening statement of affair

Closing statement of affiar

Cash book

Balance sheet

The face value of the share is also known as.

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Book value

Par value

Market value

None of these

Consignee is.

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A principal

An agent

A debtor

A creditor

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

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Bonus

Commission

Del creder commision

Credit commission

Premium on issue of share is a.

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Capital profit

Business loss

Revenue profit

Revenue loss

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

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