Question # 1

Which one of the following is appeared in the balance sheet

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Revenue expenditure

Capital expenditure

Deferred expenditure

Both b & c

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

An expenditure, which is completely exhausted with in the current accounting period is known as

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Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

If the error committed in the capital account, it will affect

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trading account

profit & loss account

trading and profit & loss account

balance sheet

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

The recording of transaction chronologically in the book of accounts is called:

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Summarizing

Classifying

Recording

None of above

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

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

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Inspector

Notary Public

Drawer

Manager

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

Our cheque to Ali & Bros, returned dishonored should be credited to

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Cheque account

Cash account

Bank account

Ali & Bros account

Those debentures which carry no security as to payment of interest or repayment of principal, are known as.

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Morgagage debentures

Secured debentures

Simple of naked debentures

None of these

All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to

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Single entry system

Double entry system

Treble entry system

"a" and "b"

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

In case of dissolution, assets sold for cash are debited to.

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Realization account

Cash account

Assets account

None of these

The Decision in Garner Va. Murray was given in.

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1905

1904

1804

1933

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