Question # 1

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

Errors which affect one account can be

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errors of principle

errors of posting

errors of omission

none of these

The effect of drawing on accounting equation is

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decrease in assets and decrease in liabilities

increase in both assets & liabilities

decrease in assets and increase in capital

none of these

Cash paid to Naeem will affect

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cash & capital

cash & creditor

cash and debtors

cash & goods

A transaction is recorded on the same days as its takes place, so journal is also called:

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A day book

A history book

An entry book

Ledger book

In journalizing the page numbers of the ledgers are written in:

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The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

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Balance sheet columns

Income statement columns

Cash columns

Bank columns

How many columns are drawn on one side of three column cash book ?

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Five Columns

Six Columns

Seven Columns

Eight Columns

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Row form

It is prepared to determine the net profit or net loss

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Trading account

Profit or loss account

Cash book

Balance sheet

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

In consginee's books the payment of expense by consignee should be debited to

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Consignment account

Consignnors account

Cash account

None of these

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

The retired is one who has

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Died

Withdraw his capital

Bought his capital

Decreases his capital

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

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Gaining ratio

Serching ratio

Capita ratio

New ratio

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

The maximum number of memebr in case of private limited comapny can be.

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Forty

Fifty

Sixty

No restriction on maximum number

The debentures which are payable to bearere, are termed as.

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None transfereble

Registered debentures

Bearer debentures

Non - bearere debentures

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