Question # 1

Which one of the following is a direct expense?

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Custom duty

Carriage

Wages

All of above

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

Bad debts are

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Deferred expenditure

Revenue expenditure

Capital expenditure

None of these

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Trading account is the account which is prepared to determine the:

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Only gross profit of the business

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

A bill which is both drawn and payable within the geographical boundaries of a country

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Foreign Bill

Local Bill

Municipal Bill

Inland Bill

The const concept applied only to the assets and not to:

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Expenses

Liabilities

Incomes

None of these

All those expenses which are incurred to convert raw-materials into finished goods are called:

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Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

Bad debts recovered from debtors should be credited to

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Debtors a/c

Bad debts a/c

Bad debts recovered a/c

Cash a/c

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