Question # 1

Deprecation is

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A Liability

A loss

An expense

Both b & c

A receipt is revenue receipt because

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the amount is small

it relates to routine activity of business

it is received in the accounting year

both b, c

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

An expenditure, which is temporarily increase the profit making capacity of the business is called

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Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

______ simplifies work to be done at the end of the period

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Work sheet

Ledger

Trail balance

Balance sheet

Office rent is a

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Financial Expense

Abnormal Loss

Management Expense

Maintenance Expense

The rules of the debiting the receiving and crediting the giver is applicable to:

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Persona account

Real account

Nominal account

Expense account

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

In form journal, the first column represents:

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Ledger Folio

Data

Amount

Debit

The transaction for which non separate book is maintained are recorded in:

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Journal proper

Bills receivable book

Bills payable book

Cash book

The process of totaling the data at the end of the period is called

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Posting

Casting

Compensating

Recording

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

The abnormal loss on consignemnt is credited to.

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Consignment account

Consignment personal account

Profit and loss account

Goods sent on consignemnt account

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

The dividend paid to the shareeholders duirng the financial year is.

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Redeemable debentures

Irredeemable debentures

Repayable debebtures

None of these

When a new partner is admitted with out the consent of the old partner.

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Partnership will be dissolved

Will value

Agreed value

None of these

If the debit side of the recipt and payment account exceeds the credit side it represents.

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Bank over draft

Cash at bank

Surplus balnce

Deficit balance

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

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

The persons to whom the goods are dispatched for the purpsoe of sales is called.

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Debtor

Consignee

Consignor

None of these

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

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