Question # 1

The amount invested by the owner in the business to produce revenue is known as

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Income

Asset

Capital

Liability

In form journal, the first column represents:

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Ledger Folio

Data

Amount

Debit

Wrong allocation of capital and revenue items of expenses represents

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error of casting

error of principle

compensation error

error of commission

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position statement

When boan statement shown a debit total balance it means:

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Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

The periodical total of purchases book is posted to the

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Debit of purchases account

Credit of purchases account

Credit of cash account

Debit of sales account

Sales returns book periodical total is posted to

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Debit of returns inwards account

Credit of returns inwards account

Debit of returns outwards account

Credit of returns outwards account

Accounting principles can be classified in

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three types

two types

five types

six types

Transportation cost paid for the purchases of Machinery must be debited to

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Transportation cost account

Purchases account

Machinery account

Cash account

Petty cash book is a branch of

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Pass Book

Cash Book

Journal

Ledger

Share capital int he balance sheet is known as.

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Asset

Liability

Income

Reserve

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

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

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

The fingure of bills payable is worked out by preparing the.

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Total debtors account

Total creditors account

Cash book

Balance sheet

The dividend paid to the shareholders during the finaincial year is.

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Final dividend

Interim divident

Unclaimed divident

Proposed dividend

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

A prospectus for subscription of shares can be issued only by.

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Public company

A private company

Both public and private company

None of these

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

Debentures holders are.

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Creditors of the company

Owners of the company

Customer of the company

None of these

The difference of the two sides of receipt and payment account represents.

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Opening cash balance

Closing cash or bank balance

Opening bank balance

None of these

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