Question # 1

Expired cost of fixed assets means

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Appreciation

Amortization

Depreciation

None of these

When cheque received, and deposited into bank, bank account must be

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Credited

Debited

Both debited & credited

None of these

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

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Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

Error which affects profit and loss account relates to

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Nominal account

Property account

Personal account

None of these

Rent account' is a kind of:

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Real account

Personal account

Nominal account

Capital account

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

Net purchases are equal to

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Sales - returns outwards

Purchases + returns inwards

Purchases - returns outwards

Purchases + returns outwards

Error of posting effects:

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One account

Two accounts

Three accounts

Four accounts

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

The depreciation charged to motor car account will be debited to.

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Depreciation account

Motor car account

Cash account

None of these

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

The credit balacne of the retained earnings statement represents.

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Undisturbed Profit

Divided declared

Profit distributed

None of these

Kind of company is.

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2

3

4

5

In the books of consignor, the loss on the consignment should be crediterd to.

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Consignment account

Consigneee 's account

Profit and loss account

Gppds sent on consignemnt

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

The unsold stock is valued at

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Original cost of the goods

Market value of the goods

Orginal cost price + proportionate direct expense incutred by the both consignor and consignee

Cost of market pric ewhich wver is the lower.

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