Question # 1

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

An expenditure, which is completely exhausted with in the current accounting period is known as

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Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

When money is paid to a creditor or supplier a receipt is obtained from him which is called

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Cash voucher

Cash payment

Receipt voucher

Payment voucher

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

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

Octori duty paid on machinery, is an example of

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Revenue expenditure

Recurring expenditure

Capital expenditure

Both a & b

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

A cash account always shows

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Debit balance

Credit balance

Both debit and credit balance

Nil balance

An expenditure, which increases the utility or productive capacity of an asset is treated as

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Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

Which one of the following is appeared in the balance sheet

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Revenue expenditure

Capital expenditure

Deferred expenditure

Both b & c

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

In case of retirement of a partners full good will is credited to the account of.

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Only retring partner

Only remaining partners

All partners

None of these

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to

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Single entry system

Double entry system

Treble entry system

"a" and "b"

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

When a new partner is admitted with out the consent of the old partner.

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Partnership will be dissolved

Will value

Agreed value

None of these

In case of dissolution if there is any undivided profit are reserve should be credited to.

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Partners capital accounts

Realization accounts

Reserve account

Revaluation accounts

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

The depreciation charged to motor car account will be debited to.

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Depreciation account

Motor car account

Cash account

None of these

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