Question # 1

A book which is used to record small expenses is called

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Expenses book

Cash book

Petty cash book

Purchases book

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Gross profit represents

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Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

The gross amount of goods sold or services performed during an accounting period is known as

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Purchase

Sale

Gross profit

Net profit

Wages paid of installing a machine should be debited to

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Wages a/c

cash a/c

Machinery a/c

None of these

A bill of exchange is a / an

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Promise

Unconditional Order

Request

Conditional Order

All those expenses which have become due but not paid are called

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Accrued revenue

Prapaid revenue

Outstanding expenses

Advance expenses

The Legal tenor of a bill is

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Sixty Days

One Month

Eighty Days

Ninety Days

The owner wquity in a company is commonly called.

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Shareholder equity

promotors equity

Directors equity

None of these

Realizaton account is a.

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Nominal account

Real account

Personal account

Cash account

Consignment signifies.

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Goods despatched by the owner to his agent

Goods forwarded by the creditor to his debtor

Goods forwarded from one place to another

Goods sent by the owner to his agent for the purpose of sale.

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

A certificat issue by the company under its seal acknowledging a debt due by it to its holder, is called.

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Debenture

Certificate of commencement

Acknowledge certificate

Noen of these

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

The debentures which are payable to bearere, are termed as.

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None transfereble

Registered debentures

Bearer debentures

Non - bearere debentures

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

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

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