Question # 1

Profit & Loss a/c is prepared to ascertain

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Gross Profit

Net Profit

Gross Loss

Real Profit

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

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Increase the net profit by, double amount

Decrease the net profit

Decrease the net profit by double amount

Have no effect on the net profit

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

Bad debts recovered should be credited to

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Balance Sheet

Trading a/c

Profit & Loss a/c

None of these

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

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

Double entry means

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entry in two sets of books

entry at two dates

entry for two aspects of a transaction

recording twice in journal

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

Goods withdrawn by the proprietor for personal use should be credited to

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Purchase a/c

Drawings a/c

Expenses a/c

Revenue a/c

All cash purchases and cash sales are recorded in

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Cash book

Purchases book

Sales book

Purchases and sales book

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

Debentures holders are.

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Creditors of the company

Owners of the company

Customer of the company

None of these

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

Under diminhing balance method, depreciationis calculated on.

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The original cost

The scrape value

Book value

All of the above

Value of the good will is calculated under capitalization formula.

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Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

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

The rules and regulation foverning the internal management and administration of the company are called.

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Memorandum of assocaition

Articles of association

Prospectus

None of these

At the end of the year non trading institutions prepare.

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Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

The gaining ratio are calculated on.

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Admissionof a partner

Death of a partner

Retirement of a partner

None of these

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

A paartner who have a major investment in the firm and receive a relatively more profit is called.

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Sleeping partner

Darment partner

Senior partner

Estoppels partner

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