Question # 1

Any mistake in ledger can be easily detected with the help of:

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Journal

Balance sheet

Trial balance

Financial 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

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

Goodwill, patent, copyright and trade mark are

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Wasting assets

Intangible assets

Fictitious assets

Liquid assets

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

The expenditures which reduce revenue (profit) of the business are:

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

Interest due but not received is an

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Outstanding expense

Accrued income

Prepaid expense

Unearned income

When boan statement shown a debit total balance it means:

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Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

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Debtors account

Creditors account

Sales book

Cash book

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

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

In case of dissolution if there is any undivided profit are reserve should be credited to.

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Partners capital accounts

Realization accounts

Reserve account

Revaluation accounts

The extra amount charged fromt he new partner over and above the capital is for.

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Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

Share capital int he balance sheet is known as.

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Asset

Liability

Income

Reserve

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

The amount of assets may rise of fell on account of.

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Depreciation

Fluctuation

Depletion

Amortization

In the absence of an agreement partners shall

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Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

In case of dissolution, assets sold for cash are debited to

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Realization account

Cash account

Assets account

None of these

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