Question # 1

A ______ is a large columnar sheet of paper

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Worksheet

Balance sheet

Journal

None of these

Credit Balance of pass book must be equal to debit balance of

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Cash Book

Bank Ledger

Clients other Account

None of these

Double entry means

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entry in two sets of books

entry at two dates

entry for two aspects of a transaction

recording twice in journal

Nominal account are related to:

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Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

Cost of redecorating a cinema hall is a

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Capital expenditure

Capital loss

Revenue expenditure

None of these

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

A statement which is prepared to know the financial position of a business on a particular date, is called

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Balance sheet

Statement of condition

Position statement

All of above

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense account

When a Bill is dishonoured, the holder of the bill goes to an official called

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Inspector

Notary Public

Drawer

Manager

Expenditure is a capital expenditure because

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The amount involved is heavy

It is the personal expenditure of the owner out of his capital

It is intended to benefit the future period

It is a recurring expenditure

Share capital int he balance sheet is known as.

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Asset

Liability

Income

Reserve

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

The amount of good will broght in cash by nw partner will be credited to old partner in.

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Gaining Ratio

New Ratio

Old Ratio

Sacrifice Ratio

In case of public company minimum number of members is.

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Six

Seven

Ten

Fifty

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

To make provision for the replacement of the assets. the method is to be ysed is.

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Written down value method

Annuity method

Sinking fund method

Insurance policy method

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

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

In cash of net worth method of sigle entery system net profikt is ascertained by.

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Prepareing the trading and profit and account

By cimparing the capitals in the beginning and at the end of the accounting period.

Capital closing + Drawing - fresh capital - opening capital

Capital opening+ Drawing - fresh capital-closing stock

The sum total of the nominal vaue of shares of company is called is.

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Issued capital

Subscribed capital

Share capital

Called up capital

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