Question # 1

Heavy expenditure on advertisement for making a new product is a

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Revenue expenditure

Deferred expenditure

Capital loss

Non-recurring expenditure

Octori duty paid on machinery, is an example of

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Revenue expenditure

Recurring expenditure

Capital expenditure

Both a & b

If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be

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overstated by Rs. 3,000

understated by Rs. 6,000

understated by Rs. 3,000

overstated by Rs. 6,000

The amount becomes due from the customers is called

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Allowance

Loan

Debts

Doubtful debts

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

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Error of principle

Errors of omission

Errors of commission

Compensating error

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

Expenditure, which helps to maintain the business efficiency is called

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Revenue expenditure

Deferred expenditure

Capital expenditure

Future expenditure

A trial balance can be constructed by

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Three Methods

Two Methods

Four Methods

Five Methods

The process of totaling the data at the end of the period is called

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posting

casting

compensating

recording

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

An expenditure, which is incurred to increase to profit earning capacity of a business concern, is called

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Deferred expenditure

Current expenditure

Capital expenditure

Recurring expenditure

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

Cash book is prepared to find out the figure of.

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Opening capital

Crosing cash balance

Net profit

Finaincial position

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

In case of retirement the amount of the general reserve any other profit is credited to all partners in.

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Sacrificing Ratios

New profit sharing ratios

Old prift sharing ratios

Gaining ratios

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

Dell creder commission is calculated on.

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Total sales

Cash sales

Credit sales

None of these

The amount of good will broght in cash by nw partner will be credited to old partner in.

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Gaining Ratio

New Ratio

Old Ratio

Sacrifice Ratio

Consignee is.

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A principal

An agent

A debtor

A creditor

Capital of the partners are maintained under.

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Fixed capital method

Fluctuating method

By any two of the above

None of the above

A statement of assets and liabilities is prepared under the single entery system is called.

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Balance sheet

Financial statement

Statement of affair

Cash transaction

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

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