Question # 1

The inflow of assets in return for services performed or products delivered during a period is

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Asset

Revenue

Non current asset

None of these

The debts, which are irrecoverable from the debtors, are called

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Debts

Doubtful debts

Bad debts

Good debts

Net profit is always

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Equal to gross profit

more than gross profit

Less than gross profit

None of these

Drawings are deducted from

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Sales

Income

Capital

Expenses

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

An expenditure incurred to the increases the profit earning of the concern is a:

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Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

Written below each entry is the

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Transaction

Voucher no

Narration

Date

A dealing between two persons is called a

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business

transaction

purchases

sales

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

Journal means

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Weekly

Monthly

Yearly

Daily

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

The joint stock company is formed under companies ordiance.

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1984

1974

1884

1962

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

The charter of the company containing the objects of whihc for company is being formed is called.

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Articles of association

Prospectus

Memorandum of associaton

Notice

Value of the good will is calculated under capitalization formula.

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Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

Arithmetical accuracy of the books of accounts cannot be checked under.

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Single Entry system

Double entery system

None entery system

Both a and b

In income and expenditure account

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Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

The persons to whom the goods are dispatched for the purpsoe of sales is called.

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Debtor

Consignee

Consignor

None of these

In consginee's books the payment of expense by consignee should be debited to

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Consignment account

Consignnors account

Cash account

None of these

The value of an asset at the end of the working life is called.

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Book value

Scrape value

Market value

None of these

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