Question # 1

Any expenditure incurred to increase the earning capacity of a business

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capital expenditure

capital loss

revenue loss

revenue expenditure

Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to

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Cash account

Discount allowed account

Bank account

Both a & b

Wages paid for installing a machine should be debited to

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Wages a/c

Cash a/c

Machinery a/c

none of these

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

An income which has earned but not received is called

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Unearned income

Accrued revenue

Revenue received in advance

None of these

Income received in advance during the year is

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Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

The accounts of expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

It is prepared to determine the net profit or net loss

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Trading account

Profit or loss account

Cash book

Balance sheet

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

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

The assets which have not got physical existence are called.

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Intangible assets

Intangible fixed assets

Current assets

Tangible fixed assets

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

The amount of assets may rise of fell on account of.

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Depreciation

Fluctuation

Depletion

Amortization

Due to drawings made during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

Goods sent on consignment should be debited int he books of the consignor.

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Consignee account

Consignment account

Goods sen ton consignment

Consignor account

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