Question # 1

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

From business point of view, Interest on capital is considered as

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An income

An expense

A profit

A liability

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

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

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called

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Receipt voucher

Cash voucher

payment voucher

Cash memo

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

The document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called:

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Receipt voucher

Payment voucher

Cash voucher

Cash memo

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

Sales returns book periodical total is posted to

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Debit of returns inwards account

Credit of returns inwards account

Debit of returns outwards account

Credit of returns outwards account

The accounts of expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

Which one of the following is not considered the permanent part of the accounting record?

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Journal

Trail balance

Ledger

Work sheet

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

An expenditure, which is temporarily increase the profit making capacity of the business is called

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Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

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