Question # 1

Rent account' is a kind of:

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Real account

Personal account

Nominal account

Capital account

Drawings are deducted from

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Sales

Income

Capital

Expenses

Cheques issued to a creditor but not presented for payment are called

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Un Credited Cheques

Uncollected Cheques

Un Presented Cheques

Dishonoured Cheques

The price of goods sold or services rendered to the customers is called

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Sale

Profit

Expense

Revenue

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

How many parties are involved in case of Discounting of a bill ?

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Two

Three

Four

None of these

The process of totaling the data at the end of the period is called

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posting

casting

compensating

recording

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

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

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

Record of business transaction in the journal is called

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Detail

Summary

Narration

Entry

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

Expenditure is a capital expenditure because

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The amount involved is heavy

It is the personal expenditure of the owner out of his capital

It is intended to benefit the future period

It is a recurring expenditure

A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called

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Position statement

Statement of condition

Financial statement

Bank reconciliation statement

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

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

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