Question # 1

Favourable bank balances means

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Credit balance of cash book

Debit balance of cash book

Debit balance of pass book

None of these

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

The amount of salaries paid to javed should be credited to

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Javed A/c

Cash A/c

Salaries A/c

None of these

Balance sheet is a statement of

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Assets

Both first

Liabilities

None of these

Transaction which is omitted from record is known as

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Errors of omission

Errors of principle

Errors of commission

Compensating errors

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

Carriage paid on goods sold is a

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Direct expense

Operating expense

General expense

Selling expense

Business debts are also called is

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Capital

Liabilities

Drawing

Assets

Bad debts are shown in the

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Trading A/c

None of these

Profit & Loss A/c

Both first

Unearned income is shown as

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Assets

Expenses

Liabilities

Income

Cost which cannot be conveniently identified with individual cost unit is called

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Direct material cost

Indirect material cost

Indirect labour cost

Caring cost

Tenor is the period of time ------------ which a bill becomes payable

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Before

After

Both a and b

None

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

What is accumulated depreciation?

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Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

Compound entry is an entry in which:

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More than one account is debited

More than one account is credited

Both a and b are correct

None of the above

Lead time is the time between the time on item reaches --------------- and ---------- of

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Order level, dispatch of material

Order level, maximum level

Maximum level, minimum level

Order level, actual receipt

In job order costing system, each job is assigned a job cost

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Unit

Center

Driver

Sheet

Which ratio tells how many times in a year stock is used up and replaced?

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Gross profit ratio

Net profit ratio

Cost ratio

None of these

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

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