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

Goodwill, patent, copyright and trade mark are

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Wasting assets

Intangible assets

Fictitious assets

Liquid assets

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

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

Which book is used to record all cash receipts and cash payments?

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Sale book

Purchase book

Cash book

Petty cash book

Raw material destroyed in fire represents

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capital loss

revenue loss

normal loss

both b, c

Profit & Loss a/c is prepared to ascertain

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Gross Profit

Net Profit

Gross Loss

Real Profit

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

Any difference in trial balance is transferred to

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sales account

nominal account

purchases account

suspense account

An error completely omitted to be entered in the journal

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partial error

error of posting

error of casting

complete error

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Row form

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