Question # 1

It is used to record cash, bank and discount transactions on debit and credit side

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Single column cash book

Petty cash book

Double column cash book

Treble column cash book

Which book is used to record all cash receipts and cash payments?

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Sale book

Purchase book

Cash book

Petty cash book

Any expenditure incurred to increase the earning capacity of a business

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capital expenditure

capital loss

revenue loss

revenue expenditure

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

It is prepaid to determine the gross profit or gross loss

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Trading account

Profit or loss account

Balance sheet

None of these

The money can be deposited into bank by means of

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Cash book

Cheque book

Pay-in-slip book

Pass book

From business point of view, interest on capital is considered as

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An income

An Expense

A Profit

A Liability

Which one of the following in used to simplify work, to be done at the end of period

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Balance sheet

Income sheet

Bank statement

Work sheet

The statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

Cost incurred to generate revenue is called

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Revenue

Cost

Expense

Liability

According to companies ordinance, single entry system cannot be adopted by,

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

The partnership may come to an end due to the

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Death of a partner

Involvency of a partner

Both of the above

None of these

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

The relation ship between consignor and consignee is thet of.

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Buyer and seller

Debtorsde creditor

Whole seller or retailer

Principal and agent

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

Consignor is also called.

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Principal

Agent

Debtor of the consignee

Creditor of the consignee

The person who take the initaiative in the matter of formation of a company are known as the.

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Promoters

Share holder

Director

Registered

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