Question # 1

Which of the following discloses the financial position of the business

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Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position statement

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

The bad debts which are showed in the trial balance are called

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new bad debts

old bad debts

further bad debts

additional bad debts

When ban column of a cash book shows a debit balance it means:

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Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

When a drawer discounts a bill, he debits

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Bank Account

Interest Account

Drawee Account

Bill Receivable Account

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

The person who sends the goods to his agent for the purpose of sale is called.

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Consignor

Consignee

Debtor

Creditor

For the stock unsoled with the consignee wil the debited in the books of the consignor.

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Stock on consignment account

Consignment

Consignee account

None of the above

The opening and closing balance of bills Receivable can be calculated by preparing the.

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Total debtors accounts

Total creditors account

Bills Recivable accounts

Salaes accounts

In cash of net worth method of sigle entery system net profikt is ascertained by.

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Prepareing the trading and profit and account

By cimparing the capitals in the beginning and at the end of the accounting period.

Capital closing + Drawing - fresh capital - opening capital

Capital opening+ Drawing - fresh capital-closing stock

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

All of the above

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

Premium on issue of share is a.

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Capital profit

Business loss

Revenue profit

Revenue loss

In case of retirement of a partners full good will is credited to the account of.

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Only retring partner

Only remaining partners

All partners

None of these

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

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