Question # 1

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

Assets which have no physical existence are called

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Tangible assets

Fictitious assets

Liquid assets

Intangible assets

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

All the acceptances received from the debtors are recorded in

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Cash book

Bills payable book

Debtor's book

Bills receivable book

The inflow of assets in return for services performed or products delivered during a period is

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Asset

Revenue

Non current asset

None of these

Loss of good by fire should be credited to:

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Purchase account

Sales account

Loss by goods by fire account

Capital account

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense account

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

How many mathods are available to calculate the profit or loss under single entery system.

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One

Two

Three

Four

Subscription otstanding in the beginning are shown in the

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Trading account

Income and expenditure account

Balance sheet

Profit and loss account

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

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Cash account

Consignor 's personal account

Consignment account

None of these

When a firm dissolved with the consent of all the partners it is called.

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Dissolution by notice

Dissolution by agreement

Dissolution by court

Compulsory dissolution

Share applicaton account is in the nattur eof.

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Real account

Personal account

Nominal account

None of the above

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

The opening and closing balance of bills Receivable can be calculated by preparing the.

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Total debtors accounts

Total creditors account

Bills Recivable accounts

Salaes accounts

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

In cash of net worth method of sigle entery system net profikt is ascertained by.

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Prepareing the trading and profit and account

By cimparing the capitals in the beginning and at the end of the accounting period.

Capital closing + Drawing - fresh capital - opening capital

Capital opening+ Drawing - fresh capital-closing stock

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

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