Question # 1

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

The system of recording transaction based on dual concept is called

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Double account system

Double entry system

Single entry system

Management system

Receipts, which are non-recurring by nature, are called

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revenue receipts

current receipts

capital receipts

capital profit

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

It is prepared to determine the net profit or net loss

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Trading account

Profit or loss account

Cash book

Balance sheet

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

The periodical total of purchases book is posted to the

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Debit of purchases account

Credit of purchases account

Credit of cash account

Debit of sales account

Capital contributed by the partners is a:

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Revenue receipt

Capital receipt

Current receipt

Deferred receipt

The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:

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Rs. 200 will be deducted

Rs. 200 will be added

Rs. 400 will be added

Rs. 400 will be deducted

When bank column of a cash book shows a credit balance, it means:

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Cash balance

Bank balance

Under draft

Over draft

The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called

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Cash system

Accrual or mercantile system

Outstanding system

None of these

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