Question # 1

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

Transaction, having short-term effects are known as

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Revenue transaction

Capital transaction

Non-monetary transaction

Paper transaction

An entry which is recorded on the both sides of cash book is called

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Simple entry

Compound entry

Combined entry

Contra entry

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

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Credit Balance

Debit Balance

Balancing

Zero Balance

All the acceptances received from the debtors are recorded in

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Cash book

Bills payable book

Debtor's book

Bills receivable book

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

The accounts of expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

Wrong allocation of capital and revenue items of expenses represents

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error of casting

error of principle

compensation error

error of commission

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

None of these

A prospectus for subscription of shares can be issued only by.

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Public company

A private company

Both public and private company

None of these

In case of dissolution if there is any undivided profit are reserve should be credited to.

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Partners capital accounts

Realization accounts

Reserve account

Revaluation accounts

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

Depreciation is

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An Income

An expense

A loss

A liability

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

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

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

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Capitals

Profit and loss ratios

Equality

Time devoted by each partner

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