Question # 1

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

Carriage paid on goods sold is a

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Direct expense

Operating expense

General expense

Selling expense

If more than two accounts are involved in one transaction the journal entry is called

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Simple entry

Skeleton entry

Compound entry

Double entry

Debit balance of cash book is also called

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Unfavourable balance

Favourable balance

Negative balance

Both un favourable and favourable balance

Carriage paid on goods purchased is a

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Direct expense

Opening expense

Indirect expense

General expense

Noting charges are paid when bill is

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Honoured

Discounted

Dishonoured

None of these

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

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 amount of cash or goods with drawn by the proprietor for personal use is called:

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Expenses

Revenue

Capital

Drawings

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

Dishonor of the bill occurs when:

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The drawer refuse to pay

The acceptor refuses to meet the bill on due date

The endorsee accepts to meet the bill

None

Treble column cash book has three columns of:

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Cash, bank and discount

Income, expense and bank

Cash, bank and profit or loss

None

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

A--------------- is an account in which those transaction are entered which cannot be placed to their accounts

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Nominal account

Suspense account

Personal account

Debtor account

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

Deferred liabilities are debts which are repayable less than ----------

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One month

Six month

One year

None

How many types of bank accounts are there?

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4

3

5

6

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the 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

From the following statements which one is not true about over applied F.o.H

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Less from cost of goods sold at normal

Less from entire production if required

Add in gross profit if required

Less from Net profit.

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