Question # 1

Errors of omission affects

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One account

Two account

Three account

None of these

The debts, which are irrecoverable from the debtors, are called

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Debts

Doubtful debts

Bad debts

Good debts

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

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Increase the net profit

Decrease the net profit

Have double effect on net profit

Have no effect on net profit

The expenditures which reduce revenue (profit) of the business are:

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

All the transactions related to credit sales are recorded in

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Sales returns book

Sales book

Cash book

Credit note book

Net profit is always

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Equal to gross profit

more than gross profit

Less than gross profit

None of these

An error completely omitted to be entered in the journal

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partial error

error of posting

error of casting

complete error

A dealing between two persons is called a

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business

transaction

purchases

sales

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

The debentures which are repayable at the end of a specified period are termed as.

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Redeemeble debentures

Irredeemable debentures

Repayable debetures

None of these

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

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Commission account

Consignee's personal account

Consignement account

None of these

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

The owner wquity in a company is commonly called.

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Shareholder equity

promotors equity

Directors equity

None of these

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

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

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Debtors account

Creditors account

Balance sheet

Trial balance

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

Goods sent on consignment should be debited int he books of the consignor.

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Consignee account

Consignment account

Goods sen ton consignment

Consignor account

Amount due to the deceased partner is generally transferred to

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Executor's loan

Profit and loss accounts

Capital account

None of thess

The amount charged as depreciation goes on declining in

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Depletion fund method

Auunity method

Diminishing balance method

Straiight line method

North worth of an organizaton means the excess of its total assets over total.

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Liabilities

Income

Expenses

None of the above

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