Question # 1

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

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Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

The favourable balance of bank statement is

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Credit Balance

Debit Balance

Zero Balance

Both b and c

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

Depreciation of fixed assets used in the business is an example of

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capital expenditure

Revenue expenditure

Deferred expenditure

None of these

When is a drawee is declared insolvent which account is to be debited in the books of drawer

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Deficiency a/c

Bad Debts a/c

Solvency a/c

None of these

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

The favorable balance of cash book bank column is

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Credit balance

Debit balance

Both debit and credit balance

None of these

The recording of transaction chronologically in the book of accounts is called:

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Summarizing

Classifying

Recording

None of above

The creditor of the business are called:

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Assets

Liabilities

Capital

Income

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

.The cash book is a

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Subsidiary journal

Ledger account

Subsidiary journal and ledger

Trial balance

In case of retirement of a partners full good will is credited to the account of.

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Only retring partner

Only remaining partners

All partners

None of these

the profit on consignment in the books of the consignor should be deited to.

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Consignnment account

Profit and loss account

Consignee 's account

None of these

The unsold stock is valued at

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Original cost of the goods

Market value of the goods

Orginal cost price + proportionate direct expense incutred by the both consignor and consignee

Cost of market pric ewhich wver is the lower.

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

The assets which have not got physical existence are called.

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Intangible assets

Intangible fixed assets

Current assets

Tangible fixed assets

Depreciation arise because of

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Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

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

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

The shares of public limited company are.

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Not refundable

Not tanserable

Transferable

No allotable

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

The extra amount charged fromt he new partner over and above the capital is for.

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Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

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