Question # 1

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

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Error of principle

Errors of omission

Errors of commission

Compensating error

In journalizing the page numbers of the ledgers are written in:

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The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

Rent account' is a kind of:

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Real account

Personal account

Nominal account

Capital account

A bill from the point of view of a debtor is called

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Bill Acceptable

Bill Receivable

Bill Payable

None of these

The creditor of the business are called:

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Assets

Liabilities

Capital

Income

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

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Errors of omission

Compensating errors

Errors of commission

Errors of principle

An expenditure which is incurred again and again is a:

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Capital expenditure

Future expenditure

Deferred expenditure

Revenue expenditure

All the direct expenses are charged to:

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Balance sheet

Profit and loss account

Trading account

None of these

Another name of diminishing balance method of depreciation is the

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Reducing balance method

Sinking fund method

Straight line mehod

Revaluation method

Partner's capital are affected due to.

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Admission of a partner

Retirement of the partner

Death of a partner

All of the above

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

Cash received from the debtors can be find out by preparing.

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Debtors account

Creditors account

Balance sheet

Trial balance

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

Commission due to the consignee is calculated on.

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Credit sales only

Cash sales only

Total sales

None of these

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

Partnership is formed under the act of.

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1984

1932

1912

1962

A partner who is newly admitted to the firm with the consent of all the parties is called.

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Salaried partner

Incoming partner

Junior partner

Minor partner

Depreciation arise because of

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Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

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