Question # 1

Bad debts are

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deferred expenditure

revenue expenditure

capital expenditure

none of these

Capital contributed by the partners is a:

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Revenue receipt

Capital receipt

Current receipt

Deferred receipt

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

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Increase the net profit

Decrease the net profit

Have double effect on net profit

Have no effect on net profit

Any expenditure incurred to increase the earning capacity of a business

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capital expenditure

capital loss

revenue loss

revenue expenditure

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

Raw material destroyed in fire represents

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capital loss

revenue loss

normal loss

both b, c

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

Wages paid for the erection of machine debited to wages account is an example of

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Error of omission

Error of commission

Error of principle

None of these

______ is prepared to avoid errors in the permanent records of accounting

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Work sheet

Ledger

Bank statement

Balance sheet

Premium on issue of share is a.

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Capital profit

Business loss

Revenue profit

Revenue loss

In partnership minimum limit of partners is.

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Two (02)

Five(5)

Ten (10)

Tweleve (12)

Interest on dividend is paid.

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At the end of financial period

During the fiancancial year

At the time of incorporation

At the time of winding of company

The excess of total assets over total liabilituies of a concern is called.

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Surplus

Deficit

Capital fund

Profit

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

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

Closing capital in single entry system is calculated by preparing,

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Opening statement of affairs

Closing statement of affairs

Opening balance sheet

Closing balance sheet

The face value of the share is also known as.

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Book value

Par value

Market value

None of these

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

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