Question # 1

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

A book which is used to record small expenses is called

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Expenses book

Cash book

Petty cash book

Purchases book

A revenue expenditure, the benefit of which is not confined to one accounting year is called

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Non-current expenditure

Revenue expenditure

Future expenditure

Deferred expenditure

According to accounting equation, capital is equal to

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assets + liabilities

expenses-incomes

liabilities - assets

assets - liabilities

Transportation cost paid for the purchases of Machinery must be debited to

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Transportation cost account

Purchases account

Machinery account

Cash account

Retiring a bill under rebate means:

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Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

Disagreement in balances may arise owing to mistake or mistakes in the:

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Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

Outstanding expense given in adjustment is called

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An asset

A gain

An expense

A liability

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

The money can be deposited into bank by means of

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Cash book

Cheque book

Pay-in-slip book

Pass book

The parties involves in the consignment are.

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Two

Three

Four

Five

The documents which contains the rules and regulation for the internal management of the company is called.

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Prospectus

Articles of assocaition

Memorandum of association

Notice

Registraion of the firm.

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It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

Which of the following method is suitable for charging depreciation an machinery and furniture.

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Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

Old prifit sharing ratio minus new profit sharing ratio is equal for.

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Sacrifing ratios

Gaining ratios

Distributing ratios

None of these

Amount received by the way of gift from any person or organization is called.

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Donation

Subscription

Legacy

None of these

Under aunuity method, the annual charger for depreciation wil be debited to.

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Assets account

Depreciation account

Interest account

None of these

Under the straight line method of charging depreciation, the amount of deperciation .

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Decrease every year

Increase every year

Remain constant every year

None of the above

In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.

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Consignor

purchaser

Consignee

None of these

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

Bills payable issued durint the period must be debited to total creditors account credited to.

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Bills payable account

Bills receivable account

Debtora account

Cash account

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