Question # 1

An Entry which is recorded on the both sides of cash book is called

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Simple Entry

Compound Entry

Combined Entry

Contra Entry

Cash paid to Naeem will affect

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cash & capital

cash & creditor

cash and debtors

cash & goods

Financial statement is prepared from the amount given in

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Trail balance columns

Adjustments columns

Cash columns

Adjusted trail balance columns

Gross profit is derived from

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Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

Which of the following discloses the financial position of the business:

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Trading account

Profit and loss account

Profit and loss appropriation account

Balance sheet

Gross profit equals to

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Net profit minus expenses

Sales minus closing stock

Purchases minus closing stock

Sales minus cost of goods sold

Both cash purchases as well as credit purchases are recorded in

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Cash book

Purchase book

Purchases account

None of these

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

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

The favourable balance of bank statement is

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Credit Balance

Debit Balance

Zero Balance

Both b and c

All revenue expenditure are taken to

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Trading a/c

Trading & profit or Loss a/c

Profit or loss a/c

Balance sheet

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

Which of the following method is suitable for charging depreciation an machinery and furniture.

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Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

Un recorded liability when paid on dissolution of the firmis debited to.

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Realization account

Liability account

Partners capital account

None of these

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

None of these

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