Question # 1

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

If a transaction has been completely omitted from the Journal it will be considered

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Error of commission

Error of principle

Error of omission

None of these

An income which has earned but not received is called

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Unearned income

Accrued revenue

Revenue received in advance

None of these

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

When money is paid to a creditor or supplier a receipt is obtained from him which is called

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Cash voucher

Cash payment

Receipt voucher

Payment voucher

From business point of view, interest on capital is considered as

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An income

An Expense

A Profit

A Liability

Unfavourable balance means

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Credit Balance in the Pass Book

Credit Balance in the Cash Book

Debit Balance in Bank Statement

Both b and c

The person to whom bill is transferred will become

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Endorser

Creditor

Debtor

Endorsee

All expenses connected with the office and its conduct are called

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Selling expenses

Marketing expenses

Service expenses

Administrative expenses

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

Income and expenditure account is equivalent to the.

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Receipt and payment account

Balance sheet

Cash book

Profit and loss account

Sacrificing rations are equal to.

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Capital Ratios- New ratios

Old ratios - New ratios

New ratio - old ratios

None of these

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

The total amount recived by the company out of the totla called up amount is known as the.

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Called up capital

Paid up capital

Issued capital

Reserve capital

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

For the stock unsoled with the consignee wil the debited in the books of the consignor.

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Stock on consignment account

Consignment

Consignee account

None of the above

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

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

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

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