Question # 1

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

For payment of bill of exchange grace days are

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2 days

3 days

5 days

4 days

Discount received is a

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Asset

Revenue

Liability

Expenses

Prepaid expenses are

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Expense

Liability

Asset

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

The entry which is recorded on the both sides of three column cash book is called

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Single entry

Compound entry

Double entry

Contra entry

The science and art of correctly recording business dealing in a set of books is called

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Book keeping

Auditing

Accounting

Recording

Cheque received but not deposited recorded in cash book is

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Cash column

Discount column

Bank column

None of these

The book in which small payments like refreshment tissues etc are recorded is called

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Main cash book

Cash account

Petty cash book

Both main cash book & petty cash book

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

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

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Premium

Increase

Expense

Concession

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

Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called

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Future cost

Replacement cost

Imputed cost

Sunk cost

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

Sales prices is calculated as follow:-

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Cost + operating expense

Direct material + Direct labour + F.o.H

Cost + operating expenses + profit

None of above

Work in process opening and closing inventory includes:-

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Arterial in process

Labour in process

F.o.H in process

All of the above

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

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Unit

Center

Driver

Sheet

A person is said to be insolvent when his

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Assets are sufficient

Assets are enough to pay his liabilities

Assets are not enough to pay his liabilities

None

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

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