Question # 1

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

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Error of omission

Error of principle

Compensating errors

Error of Commission

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

The favorable balance of cash book bank column is

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Credit balance

Debit balance

Both debit and credit balance

None of these

Accounting principles can be classified in

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three types

two types

five types

six types

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

When cheque received, and deposited into bank, bank account must be

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Credited

Debited

Both debited & credited

None of these

When a drawee honours his acceptance, he will credit

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Capital Account

Drawer Account

Bill Payable Account

Cash Account

Loss of good by fire should be credited to:

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Purchase account

Sales account

Loss by goods by fire account

Capital account

The amount of share capital with which a company is registered is called.

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Authorized capital

Issued capital

Paid up capital

Called up capital

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

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Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

The credit balacne of the retained earnings statement represents.

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Undisturbed Profit

Divided declared

Profit distributed

None of these

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

The liability of the shareholder of a public limited company is.

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Unlimited

Limited

Compulsory

None of these

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

The method is specially suited to natural surces is said to be

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Annuity method

Depletion method

Revalution method

Sum of digit method

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