Question # 1

Receipts, which are non-recurring by nature, are called

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revenue receipts

current receipts

capital receipts

capital profit

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

If any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

A receipt is revenue receipt because

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the amount is small

it relates to routine activity of business

it is received in the accounting year

both b, c

A bill of exchange is a method of payment on

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Cash Basis

Credit Basis

Reserve Basis

Accommodation Basis

An Entry which is recorded on the both sides of cash book is called

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Simple Entry

Compound Entry

Combined Entry

Contra Entry

Nominal account are related to:

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Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

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3250

1250

3750

1750

The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

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Balance sheet columns

Income statement columns

Cash columns

Bank columns

the activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

On the admission of a new partneer the decreasein the value of assets is debited to.

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

If the credit side of the income oand expenditur eaccount is greater it is termed as.

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Deficit

Surplus

Asset

Liability

A partner who takes an active part in the managment of the firm is called.

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Active partner

Sleeping partner

Norminal partner

Quasi partner

If some proparty is owned jointly with out any attention to carry on a business it is called.

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Partnership

Co- ownership

Sole ownership

Agency

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

The abnormal loss on consignemnt is credited to.

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Consignment account

Consignment personal account

Profit and loss account

Goods sent on consignemnt account

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

Single entery system is most suitbale where

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Credit transactions are numerous.

Cash transactions are numerous

Cahs and credit transactions both are numerios

None of the above

Old prifit sharing ratio minus new profit sharing ratio is equal for.

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Sacrifing ratios

Gaining ratios

Distributing ratios

None of these

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

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