Question # 1

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

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

Error of principle involves an incorrect allocation of expenditure or receipt between.

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Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

A prepaid expense is

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An asset

A liability

An expense

An income

Error of posting effects:

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One account

Two accounts

Three accounts

Four accounts

Which of the following discloses the financial position of the business

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Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

The credit purchases were wrongly recorded in sales book, the rectification of entry

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Increase the net profit by double amount

Decrease the net profit by double amount

Decrease the net profit

Increase the net profit

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

Net worth is equal to,

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Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

The method for preparing the final accounts in trading concerns and non-profit making organizations are

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Same

Different

Easy

Difficult

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

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.

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

A partner who is newly admitted to the firm with the consent of all the parties is called.

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Salaried partner

Incoming partner

Junior partner

Minor partner

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

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Bonus

Commission

Del creder commision

Credit commission

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

The person who take the initaiative in the matter of formation of a company are known as the.

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Promoters

Share holder

Director

Registered

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