Question # 1

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called

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Position statement

Statement of condition

Financial statement

Bank reconciliation statement

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

The balance of petty cash book is a/an

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Asset

Liability

Expense

Income

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

______ simplifies work to be done at the end of the period

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Work sheet

Ledger

Trail balance

Balance sheet

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

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

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revenue receipts

current receipts

capital receipts

capital profit

The process of totaling the data at the end of the period is called

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Posting

Casting

Compensating

Recording

The statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

A partner who is newly admitted to the firm with the consent of all the parties is called.

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Salaried partner

Incoming partner

Junior partner

Minor partner

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

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

All of the above

The loss prior to the date of incorporation of a company is.

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Revenue loss

Capital loss

Liability

None of these

Debentures holders are.

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Creditors of the company

Owners of the company

Customer of the company

None of these

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

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Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

The amount paid to person who was invited to deliver a lecture in a club is known as.

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Hoorarium

Salary

Wages

None of these

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