Question # 1

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

Ahmed's cheque endorse to Akbar should be debited to

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Cash account

Cheque account

Akbar's account

Ahmed account

The favourable balance of bank statement is

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Credit Balance

Debit Balance

Zero Balance

Both b and c

The Legal tenor of a bill is

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Sixty Days

One Month

Eighty Days

Ninety Days

If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be

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overstated by Rs. 3,000

understated by Rs. 6,000

understated by Rs. 3,000

overstated by Rs. 6,000

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

Deprecation is

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A Liability

A loss

An expense

Both b & c

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

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

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

Error of principle arises when

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Any transaction is incorrectly recorded, either wholly or partially

Any transaction is left wholly or partially

Any transaction is affects one account

Any transaction is recorded in fundamentally incorrect manner

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