Question # 1

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

A transaction has been journalized but posted wrongly in the ledger account, it is an:

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Error of positing

Error of principle

Error of omission

Error of commission

If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be

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overstated by Rs. 3,000

understated by Rs. 6,000

understated by Rs. 3,000

overstated by Rs. 6,000

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

A balance sheet is a

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Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

The balance of the 'Caha Column' in cash book is always:

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Debit balance

Credit balance

Both debit and credit balance

None of the above

The capital profit should be transferred to:

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Profit and loss account

Trading account

Balance Sheet

Both Trading and profit and loss account and balance sheet

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

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Capitals

Profit and loss ratios

Equality

Time devoted by each partner

The documents which contains the rules and regulation for the internal management of the company is called.

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Prospectus

Articles of assocaition

Memorandum of association

Notice

Acceptance received durinthe period must be debited to bills receivable account and credited to.

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Total bills receivable account

Total debtors account

total cash account

Total bills receivabel account

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

The debentures which are repayable at the end of a specified period are termed as.

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Redeemeble debentures

Irredeemable debentures

Repayable debetures

None of these

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

Opening capital is calculated by taking the difference between,

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Opening assets and closing assets

Opening assets and closing liabilities

Opening assets and Opening liabilities

Closing assets and closing liabilities

Joint stock company is an Artificaial person created by

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Law

Federal Govt

Registrar

Employees

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