Question # 1

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

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

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

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

______ simplifies work to be done at the end of the period

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Work sheet

Ledger

Trail balance

Balance sheet

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

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

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

All those expenses which are incurred to convert raw-materials into finished goods are called:

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Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

An expenditure, which is completely exhausted with in the current accounting period is known as

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Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

Transaction are recorded data wise, so journal is also called:

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Entry book

Transaction book

Chronological book

Voucher

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

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

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

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

Closing capital in single entry system is calculated by preparing,

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Opening statement of affairs

Closing statement of affairs

Opening balance sheet

Closing balance sheet

Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.

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Realization account

Revalution account

Debtors account

None of these

Those debentures which carry no security as to payment of interest or repayment of principal, are known as.

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Morgagage debentures

Secured debentures

Simple of naked debentures

None of these

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

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Debtors account

Creditors account

Trial balance

Statement of affairs

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

None of these

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