Question # 1

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

Error of posting effects:

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One account

Two accounts

Three accounts

Four accounts

Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to

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Cash account

Discount allowed account

Bank account

Both a & b

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense account

When saleable goods are bought in a business are called:

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Sales

Purchase

Assets

Goods

All those expenses which are incurred to convert raw-materials into finished goods are called:

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Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

When is a drawee is declared insolvent which account is to be debited in the books of drawer

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Deficiency a/c

Bad Debts a/c

Solvency a/c

None of these

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

An expenditure, which is completely exhausted with in the current accounting period is known as

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Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

The Decision in Garner Va. Murray was given in.

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1905

1904

1804

1933

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

In single entry system real accounts are not maintained so the preparation of,

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Correctly

Effectively

Wrongly

Approximately

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

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Debtors account

Creditors account

Trial balance

Statement of affairs

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

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Capital ratios

Profit sharing ratios

Equal ratios

None of these

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

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

The amount of share capital with which a company is registered is called.

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Authorized capital

Issued capital

Paid up capital

Called up capital

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

Debentures holders are.

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Creditors of the company

Owners of the company

Customer of the company

None of these

Due to drawings made during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

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