Question # 1

If the balance of suspense account is credit then it will be shown in balance sheet on

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Asset side

Asset and liability side

Asset and capital side

Capital and liability side

Error which affects profit and loss account relates to

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Nominal account

Property account

Personal account

None of these

Bank account is a:

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Personal account

Real account

Nominal account

None of these

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense account

Ahmed's cheque endorse to Akbar should be debited to

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Cash account

Cheque account

Akbar's account

Ahmed account

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

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Inspector

Notary Public

Drawer

Manager

Both cash purchases as well as credit purchases are recorded in

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Cash book

Purchase book

Purchases account

None of these

All those expenses which are incurred to convert raw-materials into finished goods are called:

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Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

Carriage account is a/an

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asset account

revenue account

expenditure A/c

withdrawal account

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

Partnership is formed by the partners.

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Written agreement

Mutual consent

Verbal agreement

None of these

As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.

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Realization loss

Profit ratio

Capital ratio

None of these

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.

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Consignment account

Cash account

Consignor account

None of these

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

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