Question # 1

When a Bill is dishonoured, the holder of the bill goes to an official called

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Inspector

Notary Public

Drawer

Manager

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

Which one of the following is a direct expense?

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Custom duty

Carriage

Wages

All of above

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

Error of principle involves an incorrect allocation of expenditure or receipt between.

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Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

Patent is an example of

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Assets

Liabilities

Income

Expense

Work sheet is also used as a source to prepare ______

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Financial statement

Income statement

Position statement

Bank reconciliation statement

______ is prepared to avoid errors in the permanent records of accounting

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Work sheet

Ledger

Bank statement

Balance sheet

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

Left hand side of an account is called

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Debit Side

Credit Side

Both a & b

None of these

Assets come into existence upon the happening of a certain event, are called:

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Fixed assets

Fictitious assets

Floating assets

Contingent assets

The fingure of bills payable is worked out by preparing the.

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Total debtors account

Total creditors account

Cash book

Balance sheet

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

Depreciation arise because of

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Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

In case of del creder commission the liability of bad debts is on

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Consignee

Consignor

Both on consignee and consignor

None of the above

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

The sum total of the nominal vaue of shares of company is called is.

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Issued capital

Subscribed capital

Share capital

Called up capital

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

Depreciation is

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An Income

An expense

A loss

A liability

Dell creder commission is calculated on.

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Total sales

Cash sales

Credit sales

None of these

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

If the cash sales are missing they are to be ascertained by the construction of.

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Debtors account

Creditors account

Cash account

None of these

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