Question # 1

When cheque received, and deposited into bank, bank account must be

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Credited

Debited

Both debited & credited

None of these

It is used to record only cash receipts and payments

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Single column cash book

Double column cash book

Treble column cash book

Sales book

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

Which cash is paid or received in an exchange the transaction is called:

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Sale transaction

Cash transaction

Credit transaction

None of the above

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

All those expenses which have not become due but paid in advance are called

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Accrued expenses

Outstanding expenses

Prepaid expenses

Payable expenses

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

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Summarizing

Classifying

Recording

None of above

The excess of credit column over debit column in income statement is called

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Net loss

Net profit

Cash balance

Gross profit

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

Any difference in trial balance is transferred to

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sales account

nominal account

purchases account

suspense account

The dividend paid to the shareeholders duirng the financial year is.

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Redeemable debentures

Irredeemable debentures

Repayable debebtures

None of these

According to companies ordinance, single entry system cannot be adopted by,

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.

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Active partner

Sleeping partner

Secrete partner

None of these

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.

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Surplus

Deficit

Assets

Liabilities

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

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

Amount received by the way of gift from any person or organization is called.

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Donation

Subscription

Legacy

None of these

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