Question # 1

The person to whom bill is transferred will become

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Endorser

Creditor

Debtor

Endorsee

Left hand side of an account is called

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Debit Side

Credit Side

Both a & b

None of these

All those expenses which have become due but not paid are called

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Accrued revenue

Prapaid revenue

Outstanding expenses

Advance expenses

An expenditure, which increases the utility or productive capacity of an asset is treated as

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Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

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Errors of omission

Compensating errors

Errors of commission

Errors of principle

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

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

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

Drawings are deducted from

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Sales

Income

Capital

Expenses

When money is paid to a creditor or supplier a receipt is obtained from him which is called

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Cash voucher

Cash payment

Receipt voucher

Payment voucher

If the price required to be paid to the company for the share less than the nominal value of that share, it is called shares.

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At discount

At primium

At par

None of these

In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.

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5 persent

6 persent

8 persent

9 persent

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

The total amount recived by the company out of the totla called up amount is known as the.

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Called up capital

Paid up capital

Issued capital

Reserve capital

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

Partner's capital are affected due to.

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Admission of a partner

Retirement of the partner

Death of a partner

All of the above

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Consignee is.

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A principal

An agent

A debtor

A creditor

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

Sacrificing rations are equal to.

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Capital Ratios- New ratios

Old ratios - New ratios

New ratio - old ratios

None of these

A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.

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Active partner

Sleeping partner

Secrete partner

None of these

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