Question # 1

Net sales - cost of goods sold - operating expenses = ?

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Net purchases

Cost of goods sold available for sale

Net operating income

Gross Profit

The cash book is a book of

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Compound entry

Original entry

Final entry

Simple entry

It is prepared to determine the net profit or net loss

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Trading account

Profit or loss account

Cash book

Balance sheet

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

It is used to record only cash receipts and payments

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Single column cash book

Double column cash book

Treble column cash book

Sales book

The balance of the 'Caha Column' in cash book is always:

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Debit balance

Credit balance

Both debit and credit balance

None of the above

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

Heavy expenditure on advertisement for making a new product is a

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Revenue expenditure

Deferred expenditure

Capital loss

Non-recurring expenditure

When a drawee honours his acceptance, he will credit

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Capital Account

Drawer Account

Bill Payable Account

Cash Account

The outflow of funds to meet the running expenses of a business

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Revenue loss

Revenue expenditure

capital expenditure

capital loss

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

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

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

An income and expenditure account is.

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Normal account

Real account

Persoanl account

None of these

Kind of company is.

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2

3

4

5

If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.

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Capital ratio

Old profit sharing ratio

New profit shiaring ratio

None of these

Share capital int he balance sheet is known as.

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Asset

Liability

Income

Reserve

The income and expenditure account performs the same function as.

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Trading and profit and loss account

Manafactureng account

Balance sheet

None of these

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

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Bonus

Commission

Del creder commision

Credit commission

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