Question # 1

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

Transaction are recorded data wise, so journal is also called:

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Entry book

Transaction book

Chronological book

Voucher

From the business point of view, interest on drawings is

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An asset

An expense

A liability

A revenue

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

Income tax paid is a

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Business Expense

Business Revenue

Business Liability

Personal Expense

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

Interest on drawings is

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An asset

A liability

An expense

A revenue

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

Gross profit is derived from

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Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

Kind of company is.

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2

3

4

5

The figure of the credit purchase can be worked out.

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Total debtors account

Total creditors account

Cash book

Balance sheet

The company formed by teh means of Royal Charter is called.

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Public limited company

Private limited company

Charterd company

Registered company

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

Gaining ratios are equal to.

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New Ratio - Old ratio

Old ratio- New ratio

New Ratio + old ratios

Capital ratios- New Ratios

Amount of to the out going partner is shown in the balance sheet as his.

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Liability

Loan

Capital

Assets

The basic club record or book of original entry in non-profit making organization

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Purchase book

Sales book

Cash book

"a" and "b"

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

In income and expenditure account

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Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

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