Question # 1

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

All the transactions related to credit sales are recorded in

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Sales returns book

Sales book

Cash book

Credit note book

Bank account is a:

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Personal account

Real account

Nominal account

None of these

Goodwill, patent, copyright are classified as

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Current Assets

Fixed Assets

Tangible Assets

Wasting Assets

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

The price of goods sold or services rendered to the customers is called

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Sale

Profit

Expense

Revenue

Net purchases are equal to

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Sales - returns outwards

Purchases + returns inwards

Purchases - returns outwards

Purchases + returns outwards

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

Receipts, which are non-recurring by nature, are called

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revenue receipts

current receipts

capital receipts

capital profit

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

None of these

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

The method for preparing the final accounts in trading concerns and non-profit making organizations are

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Same

Different

Easy

Difficult

Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.

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Capital ratios

Old profit sharing ratios

New profit sharing ratio

Gaining ratios

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

Commission due to the consignee is calculated on.

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Credit sales only

Cash sales only

Total sales

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

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

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