Question # 1

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called

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Honoured Bill

Retired Bill

Dishonoured Bill

Endorsed Bill

Net loss is always

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Equal to gross loss

More than gross loss

Less than gross loss

None of these

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

Errors of omission affects

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One account

Two account

Three account

None of these

The amount invested by the owner in the business to produce revenue is known as

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Income

Asset

Capital

Liability

A cash account always shows

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Debit Balance

Credit Balance

Both a and b

Nil Balance

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

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Cheque Book

Pass Book

Cash Book

Finance Book

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

The gradual decrease in the value of the fixex assets due to its use in the business is called.

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Depreciation

Depletion

Amorization

Fluctuation

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

Current accoujts of the partners should be opened when the capital are.

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Fixed

Fluctuating

Either fixed or fluctuating

None of these

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

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

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Subscriptions

Donations

Sales

Dividends on investment

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

In the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment account

None of these

The rules and regulation foverning the internal management and administration of the company are called.

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Memorandum of assocaition

Articles of association

Prospectus

None of these

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

The liability of the shareholder of a public limited company is.

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Unlimited

Limited

Compulsory

None of these

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