Question # 1

To any business bad debts is

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An asset

An Income

A loss

A liability

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

Important types of ledger are

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General ledger

Proprietor ledger

Creditors ledger

General ledger & creditor ledger bot

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

Carriage paid on purchase of furniture is a

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Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

If more than two accounts are involved in a journal entry it is called

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Double entry

Contra entry

Compound entry

Single entry

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

Accounting is the language of

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Govt

Trade

Business

Commerce

Petty cash book is a branch of

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Pass book

Journal

Cash book

Ledger

Which of these accounts is increased by credit entries:

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Machinery A/c

Rent A/c

Sales A/c

Purchase A/c

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of 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

Tenor is the period of time ------------ which a bill becomes payable

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Before

After

Both a and b

None

Which one is non-manufacturing costs?

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Direct material cost

Labour cost

Research and development cost

All of above

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

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

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

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

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Premium

Increase

Expense

Concession

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