Question # 1

Patent is an example of

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Assets

Liabilities

Income

Expense

A bill of exchange is a / an

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Promise

Unconditional Order

Request

Conditional Order

A ______ is a large columnar sheet of paper

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Worksheet

Balance sheet

Journal

None of these

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

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

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Work sheet

Ledger

Trail balance

Balance sheet

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

A transaction is recorded on the same days as its takes place, so journal is also called:

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A day book

A history book

An entry book

Ledger book

Cost incurred to generate revenue is called

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Revenue

Cost

Expense

Liability

Cash paid to Naeem will affect

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cash & capital

cash & creditor

cash and debtors

cash & goods

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

The transactions, the effect of which is not exhausted with in the current accounting year are called

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Revenue transaction

Capital transaction

Current transaction

Monetary transaction

Partnership is formed under the act of.

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1984

1932

1912

1962

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

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Single , entery system

Accrual system

Double enterysystem

Cash system

A situation where a company receives a application for a large number of shares than offered to the public for subscription is termed as.

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Under subscription

Over subscription

General subscription

Above subscription

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

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

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Realization account

Partners capital account

Assets account

None of these

On the admission of a new partneer the decreasein the value of assets is debited to.

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.

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All partners capital accounts

Only retiring partners capitals accounts

Remaiingng partners capital account

None of these

Profit of revaluation should be credited to.

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Revaluation account

Liabilites accounts

Old partners capital accounts

Assets accounts

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