Question # 1

It is used to record only cash receipts and payments

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Single column cash book

Double column cash book

Treble column cash book

Sales book

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

The accounts of expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

The periodical total of purchases returns book is posted to

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Debit of returns outwards account

Credit of returns inwards account

Debit of returns inwards accounts

Credit of returns outwards account

A statement which is prepared to know the financial position of a business on a particular date, is called

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Balance sheet

Statement of condition

Position statement

All of above

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

Accounting principles can be classified in

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three types

two types

five types

six types

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

An expenditure, incurred to improve the position of the business is known as

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Deferred expenditure

Revenue expenditure

Capital expenditure

Recurring expenditure

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

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Increase the net profit

Decrease the net profit

Have double effect on net profit

Have no effect on net profit

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

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3250

1250

3750

1750

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss 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

A person who purchases the share of the company becomes its.

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Share holder

Debenture holder

Under writer

Promoter

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

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

Good will is

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Expense

Profit

Assets

Liability

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

Receipts and payments account shows

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Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

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Commission account

Consignee's personal account

Consignement account

None of these

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