Question # 1

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

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Credit Balance

Debit Balance

Balancing

Zero Balance

The bad debts which are showed in the trial balance are called

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new bad debts

old bad debts

further bad debts

additional bad debts

The money with which business is started is known as:

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Capital

Creditor

Income

Debtor

Gross profit is derived from

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Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

Our cheque to Babar & Bros, returned dishonoured should be credited to

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Cheque Account

Cash Account

Bank Account

Babar & Bros A/c

Expired cost of fixed assets means

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Appreciation

Amortization

Depreciation

None of these

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

The profit which is earned during the ordinary course of business is regarded as:

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Capital profit

Revenue profit

Revenue loss

Long term profit

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

Realizaton account is a.

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Nominal account

Real account

Personal account

Cash account

The persons to whom the goods are dispatched for the purpsoe of sales is called.

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Debtor

Consignee

Consignor

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 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

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

In the books of consignor, the loss on the consignment should be crediterd to.

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Consignment account

Consigneee 's account

Profit and loss account

Gppds sent on consignemnt

On the admission of a new partneer the decreasein the value of assets is debited to.

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

the activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

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