Question # 1

Accounting principles can be classified in

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three types

two types

five types

six types

Goods withdrawn by the proprietor for personal use should be credited to

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Purchase a/c

Drawings a/c

Expenses a/c

Revenue a/c

Net loss is always

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Equal to gross loss

More than gross loss

Less than gross loss

None of these

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

Error of carry forward will affect

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Personal accounts

Nominal accounts

Impersonal accounts

None of these

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

Income tax paid is a

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Business Expense

Business Revenue

Business Liability

Personal Expense

A bank reconciliation statement is prepared by:

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banker

Accountant of the business

Statutory auditors

Rigistar

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

Journal means

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Weekly

Monthly

Yearly

Daily

The money with which business is started is known as:

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Capital

Creditor

Income

Debtor

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