Question # 1

The rules of the debiting the receiving and crediting the giver is applicable to:

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Persona account

Real account

Nominal account

Expense account

Our cheque to Ali & Bros, returned dishonored should be credited to

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Cheque account

Cash account

Bank account

Ali & Bros account

A document given by the seller to the buyer for credit sale of goods or assets is called

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Cash memo

Invoice

Voucher

None of these

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary Account

Discount deducted from the catalogue or list price is called:

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Trade discount

Cash discount

Catalogue discount

Credit discount

Capitalized expenditure are shown in

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Trading a/c

Profit or loss a/c

Income statement

Balance sheet

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position statement

A transaction is recorded on the same days as its takes place, so journal is also called:

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A day book

A history book

An entry book

Ledger book

A cash account always shows

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Debit Balance

Credit Balance

Both a and b

Nil Balance

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

A bill of exchange is drawn by:

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A debtor

A creditor

A holder

Endorsee

A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as.

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Oversubscription

Under subscription

No subscription

None of these

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.

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Fluctuating capitals

Fixed capitals

Current capitals

None of these

If the credit side of the income oand expenditur eaccount is greater it is termed as.

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Deficit

Surplus

Asset

Liability

The value of the share as quoted on the stock exchange is said to be

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Par value

Book value

Cost value

Market value

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

A company comes into existence when the registrar issue the

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Prospectus

Certificate of incorporation

statement in Lieu of prospectus

Companies ordinance

the profit on consignment in the books of the consignor should be deited to.

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Consignnment account

Profit and loss account

Consignee 's account

None of these

All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to

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Single entry system

Double entry system

Treble entry system

"a" and "b"

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

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

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Commission account

Consignee's personal account

Consignement account

None of these

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