Question # 1

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

The money can be deposited into bank by means of

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Cash book

Cheque book

Pay-in-slip book

Pass book

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

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

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

A revenue expenditure, the benefit of which is not confined to one accounting year is called

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Non-current expenditure

Revenue expenditure

Future expenditure

Deferred expenditure

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

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

Assets which have no physical existence are called

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Tangible assets

Fictitious assets

Liquid assets

Intangible assets

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

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

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Posting

Casting

Compensating

Recording

The book in which all cash transactions are primarily recorded is called

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Cheque Book

Pass Book

Cash Book

Finance Book

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

A bill of exchange is drawn by

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Debtor

Creditor

Endorser

Endorsee

A balance sheet is a

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Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary Account

Drawings are deducted from

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Sales

Income

Capital

Expenses

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