Question # 1

Cost incurred to generate revenue is called

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Revenue

Cost

Expense

Liability

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 rules of the debiting the receiving and crediting the giver is applicable to:

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Persona account

Real account

Nominal account

Expense account

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

From business point of view, interest on capital is considered as

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An income

An Expense

A Profit

A Liability

Bank reconciliation statement is prepared by

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Banker

Customer's accountant

Auditors

Manager

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

Any mistake in ledger can be easily detected with the help of:

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Journal

Balance sheet

Trial balance

Financial statement

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

Which one of the following is appeared in the balance sheet

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Revenue expenditure

Capital expenditure

Deferred expenditure

Both b & c

The amount charged as depreciation goes on declining in

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Depletion fund method

Auunity method

Diminishing balance method

Straiight line method

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

Amount of to the out going partner is shown in the balance sheet as his.

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Liability

Loan

Capital

Assets

Joint stock company is an Artificaial person created by

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Law

Federal Govt

Registrar

Employees

The relation ship between consignor and consignee is thet of.

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Buyer and seller

Debtorsde creditor

Whole seller or retailer

Principal and agent

Partnership is formed under the act of.

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1984

1932

1912

1962

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

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Memorandum of association

Article of association

Prospectus

None of he above

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

The part of the issued capital which has been taken up or subscribed by the public is called

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Issued capital

Authorized capital

Subscribed capital

Paid up capital

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

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