Question # 1

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

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Sales account

Farid account

Cash account

Both a & b

Bank reconciliation statement is prepared by

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Banker

Customer's accountant

Auditors

Manager

The body of worksheet contains

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Two pairs of money column

Three pairs of money column

Four pairs of money column

Five pairs of money column

The book in which all cash transactions are primarily recorded is called

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Cheque Book

Pass Book

Cash Book

Finance Book

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

Real accounts are related to:

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Assets

Expenses, losses and incomes

Customers, creditors

Incomes

Receipts, which are non-recurring by nature, are called

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revenue receipts

current receipts

capital receipts

capital profit

If the balance of suspense account is credit then it will be shown in balance sheet on

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Asset side

Asset and liability side

Asset and capital side

Capital and liability side

A statement which is used to reconcile the bank balance as per cash book with the balance as per pass book is called

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Bank statement

Income statement

Bank reconciliation statement

Financial statements

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.

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Salary

Wages

Profit

Commission

Arithmetical accuracy of the books of accounts cannot be checked under.

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Single Entry system

Double entery system

None entery system

Both a and b

Realizaton account is a.

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Nominal account

Real account

Personal account

Cash account

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

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

Good will is

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Expense

Profit

Assets

Liability

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