Question # 1

Payment for freight on raw material purchased is called

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Capital payment

Deferred revenue payment

Revenue payment

None of these

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

Bank reconciliation represents

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Ledger

Statement

Journal

Both ledger and statement

Goods returned by a customer should be debited to

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Sales A/c

Customer A/c

Purchase A/c

Sales return A/c

The person who draws a bill of exchange is known as

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Drawer

Payee

Drawee

Bank

Trial balance is prepared to detect

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Errors of omission

Compensating errors

Errors of commission

Errors of principles

Which of the following books is called book of original entry:

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Cash book

Journal

Ledger

Sales book

Any activity undertaken for the purpose of earning profit is called

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Dealing

Business

Performance

Duties

Business debts are also called is

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Capital

Liabilities

Drawing

Assets

The book meant for recording all cash transactions is called

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Purchase book

Cash book

Sales book

Pass book

Operating expenses represent

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G.P- Operative Exp

Selling + General Exp

Selling administrative Exp.D)

All of these

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

Section of the business to which cost can be charged is termed as

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Cost driver

Cost center

Cost unit

All of above

The primary object of non-profit organizations is

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Not to earn profit

Work for the welfare of society

Buy/sell goods

A and B but not C

If spoiled good are considered as abnormal part of production process then debited to

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Work in process

General expense

F-o-H control

None of above

The objective of financial accounting is to ascertain:

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True results of profit

True results of loss

True results of profit or loss

None

Variable cost and fixed cost have been treated as product cost in

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Absorption costing

Direct costing

Full costing

All of above

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

Rebate is the --------- in the amount of bill paid

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Premium

Increase

Expense

Concession

A credit purchases are:

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If goods purchased and payment made at the same time

If goods purchased and payment not made at the same time

If goods sold and payment receive at the same time

If goods sold and payment not receive at the same time

The cost flow must match the

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Output

Outflow

Inflow

Workflow

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