Question # 1

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

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

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Cheque account

Cash account

Bank account

Ali & Bros account

Goods withdrawn by the proprietor for personal use should be credited to

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Purchase a/c

Drawings a/c

Expenses a/c

Revenue a/c

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

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

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

Income received in advance during the year is

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Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

Sales are equal to

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Cost of goods sold + Profit

Gross profit - cost of goods sold

Cost of goods sold - gross profit

None of these

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.

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Capital ratios

Old profit sharing ratios

New profit sharing ratio

Gaining ratios

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

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

A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.

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Active partner

Sleeping partner

Secrete partner

None of these

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

premium on issue of shares is shown in.

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Assets side of balance sheet

Liabilities side of balance sheet

Trading account

Profit and loss account

Debentures holders are.

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Creditors of the company

Owners of the company

Customer of the company

None of these

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

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Debtors account

Creditors account

Balance sheet

Trial balance

Sacrificing rations are equal to.

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Capital Ratios- New ratios

Old ratios - New ratios

New ratio - old ratios

None of these

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