Question # 1

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

Which cash is paid or received in an exchange the transaction is called:

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Sale transaction

Cash transaction

Credit transaction

None of the above

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

An expenditure incurred to the increases the profit earning of the concern is a:

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Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

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

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

When a drawer discounts a bill, he debits

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Bank Account

Interest Account

Drawee Account

Bill Receivable Account

Accounts relating to persons of firms are called:

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Real accounts

Proprietary accounts

Personal accounts

Nominal accounts

Income received in advance during the year is

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Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

Realizaton account is a.

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Nominal account

Real account

Personal account

Cash account

Abnormal loss arises due to.

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Natural causes

Evaporation drying breaking in bulk

Pilferage , theft fire etc.

Some unavoidable causes

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

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

None of these

A partner who is newly admitted to the firm with the consent of all the parties is called.

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Salaried partner

Incoming partner

Junior partner

Minor partner

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

In case of public company minimum number of members is.

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Six

Seven

Ten

Fifty

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

We cannot prepare the trial balance and precise balance sheet under,

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Single entry system

Double entry system

"a" and "b"

Barter system

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

None of these

The owner wquity in a company is commonly called.

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Shareholder equity

promotors equity

Directors equity

None of these

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