Question # 1

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

Any activity undertaken for the purpose of earning profit is called

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Dealing

Business

Performance

Duties

For payment of bill of exchange grace days are

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2 days

3 days

5 days

4 days

To any business bad debts is

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An asset

An Income

A loss

A liability

Which of theses assets is an intangible asset

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Building

Cash

Furniture

Good will

Trail balance shows

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Complete accuracy

Arithmetical accuracy

Whole accuracy

Full accuracy

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

Accounting is the language of

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Govt

Trade

Business

Commerce

The discount which is calculated on list price of goods is called

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Trade discount

Rebate

Cash discount

None of these

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

The stages of accounting cycle are

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Transaction-ledger-journal-trial balance-final accounts

Transaction-journal-ledger-trial balance-final accounts

Transaction-journal-trial balance-ledger-final accounts

Transaction-journal-ledger-final accounts-trial balance

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

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

How many of grace are given?

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5

4

3

2

Excess of assets over liabilities is known as:

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Capital fund

Accumulated fund

Surplus fund

All options are correct

Endorsement is made:

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For settlement of debts

For settlement of income

For settlement of profit

None

Cash or goods taken away by owner for personal use from business are known as:

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Capital

Drawings

Revenue

Expense

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

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

What is negotiable instrument?

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A document which is not transferable

A document which is transferable

A document which is accepted

None

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