Question # 1

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

Interest due but not received is an

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Outstanding expense

Accrued income

Prepaid expense

Unearned income

Patent is an example of

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Assets

Liabilities

Income

Expense

In double entry system of bookkeeping every business transaction affects:

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Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

Which column is prepared in single column cash book?

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Bank Column

Cash Column

Discount Column

All of the Above

If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an

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Error of commission

Error of principle

Compensating error

Error of principle

Goods returned by customers are

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purchases

purchases returns

sales returns

sales

Ahmed's cheque endorse to Akbar should be debited to

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Cash account

Cheque account

Akbar's account

Ahmed account

.If the error committed in the capital account, it will affect

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Trading account

Profit and loss account

Trading and profit and loss account

Balance sheet

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

If the cash sales are missing they are to be ascertained by the construction of.

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Debtors account

Creditors account

Cash account

None of these

Cash received from the debtors can be find out by preparing.

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Debtors account

Creditors account

Balance sheet

Trial balance

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

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Directors

Member

governing body

Promoters

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

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

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

If the debit side of the recipt and payment account exceeds the credit side it represents.

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Bank over draft

Cash at bank

Surplus balnce

Deficit balance

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.

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Salary

Wages

Profit

Commission

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

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Cash account

Consignor 's personal account

Consignment account

None of these

Depreciation arise because of

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Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

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