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

To any business bad debts is

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An asset

An Income

A loss

A liability

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

Bank reconciliation is prepared by

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Bank

Creditors

Auditor

Accountant

Transaction which is omitted from record is known as

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Errors of omission

Errors of principle

Errors of commission

Compensating errors

Freight paid on machinery purchased is a

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Revenue expenditure

Capital expenditure

Capital loss

Revenue loss

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

Trial balance is prepared to detect

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Errors of omission

Compensating errors

Errors of commission

Errors of principles

The modern system of book keeping is based on:

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Double account system

Single entry system

Single account system

Double entry system

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

How many types of bank accounts are there?

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4

3

5

6

Accounting is the

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Art

Science

Both

None

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

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One month

Six month

One year

None

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

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

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

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

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

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

Petty cash book is a book which record

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Assets

Liabilities

Large payments

Small payments

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