Question # 1

Premium on issue of shares of a company represents

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capital loss

capital profit

capital payment

none of these

At the time of drawing a bill the drawer credits:

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Debtors account

Creditors account

bill receivable account

Suppliers account

Errors of omission affects

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One account

Two account

Three account

None of these

Receipts, which are non-recurring by nature, are called

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revenue receipts

current receipts

capital receipts

capital profit

Ahmed's cheque endorse to Akbar should be debited to

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Cash account

Cheque account

Akbar's account

Ahmed account

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

All revenue expenditure are taken to

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Trading a/c

Trading & profit or Loss a/c

Profit or loss a/c

Balance sheet

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

A bill of exchange is a method of payment on

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Cash Basis

Credit Basis

Reserve Basis

Accommodation Basis

Unfavorable balances mean

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Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

Another name of diminishing balance method of depreciation is the

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Reducing balance method

Sinking fund method

Straight line mehod

Revaluation method

The gaining ratio are calculated on.

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Admissionof a partner

Death of a partner

Retirement of a partner

None of these

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

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Subscriptions

Donations

Sales

Dividends on investment

The asses which have physical existence are called.

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Intangible assets

Intangible fixed assets

Tangible fixed assets

Both tangible or intangible assets

The toal amount of capital, in case of company is divided into small units, these units are called.

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Bonds

Cheque

Share

Reserve

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

Kind of company is.

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2

3

4

5

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

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

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Liability

Loan

Capital

Assets

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

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