Question # 1

According to accounting equation, capital is equal to

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assets + liabilities

expenses-incomes

liabilities - assets

assets - liabilities

Work sheet is also used as a source to prepare ______

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Financial statement

Income statement

Position statement

Bank reconciliation statement

A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called

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Position statement

Statement of condition

Financial statement

Bank reconciliation statement

If there is any error in Bank account it will affect

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Trading and profit and loss account

Profit and loss account

Trading account

Balance sheet

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

A prepaid expense is

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An asset

A liability

An expense

An income

Interest due but not received is an

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Outstanding expense

Accrued income

Prepaid expense

Unearned income

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

If the error committed in the capital account, it will affect

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trading account

profit & loss account

trading and profit & loss account

balance sheet

Allowance for discount on account receivable is calculated on the amount of account receivable

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Before deducting the allowance for doubtful debts

Left after deducting the allowance for doubtful debts

Before deducting the actual bad debts

None of these

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

The balance of realization account is transferred to the capital accounts of the partners in.

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Capital ratio

Equality

Interest ratio

Profit sharing ratio

If the goods will raised at the tim e of admissionof a new partner will be written off in.

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Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

The debentures which does not carry any charges o the assets of the company.

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Simple debentures

Mortagage debentures

Redeemable debentures

None of these

In single entry system real accounts are not maintained so the preparation of,

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Correctly

Effectively

Wrongly

Approximately

Consignor is also called.

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Principal

Agent

Debtor of the consignee

Creditor of the consignee

The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.

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Consignment account

Cash account

Consignor account

None of these

The face value of the share is also known as.

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Book value

Par value

Market value

None of these

Consignee is.

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A principal

An agent

A debtor

A creditor

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

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Under subscription

Over subscription

General subscription

Above subscription

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

The gradual decrease in the value of the fixex assets due to its use in the business is called.

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Depreciation

Depletion

Amorization

Fluctuation

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