Question # 1

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

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Error of omission

Error of principle

Compensating errors

Error of Commission

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

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

Double entry means

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entry in two sets of books

entry at two dates

entry for two aspects of a transaction

recording twice in journal

A bill of exchange is a method of payment on

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Cash Basis

Credit Basis

Reserve Basis

Accommodation Basis

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

A cash account always shows

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Debit balance

Credit balance

Both debit and credit balance

Nil balance

Allowance for discount on account receivable is calculated on the amount of account receivable

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Before deducting the allowance for doubtful debts

Left after deducting the allowance for doubtful debts

Before deducting the actual bad debts

None of these

Office rent is a

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Financial Expense

Abnormal Loss

Management Expense

Maintenance Expense

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

Interest on drawings is

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An asset

A liability

An expense

A revenue

A prospectus for subscription of shares can be issued only by.

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Public company

A private company

Both public and private company

None of these

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

Receipts and payments account shows

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Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

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Commission account

Consignee's personal account

Consignement account

None of these

Share applicaton account is in the nattur eof.

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Real account

Personal account

Nominal account

None of the above

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

Sacrificing rations are equal to.

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Capital Ratios- New ratios

Old ratios - New ratios

New ratio - old ratios

None of these

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

On the detah of the partner the amount of the joint policy credited to the capital account of.

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Remaining partners capital account

All partners capital accounts

Deceased parners capital account

None of these

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

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

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