Question # 1

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

Cash sales are recorded in

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Sales book

Purchase book

Cash book

Pass book

Accounting is called of business:

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Heart

Ear

Tongue

Eye

Preliminary Exp.Incurred for formation of Joint Stock Company represent.

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Capital loss

Capital Exp.

Revenue loss

Deferred Revenue Exp

Trail balance shows

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Complete accuracy

Arithmetical accuracy

Whole accuracy

Full accuracy

To any business bad debts is

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An asset

An Income

A loss

A liability

Discount received is a

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Asset

Revenue

Liability

Expenses

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

Petty cash book is a branch of

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Pass book

Journal

Cash book

Ledger

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

Manufacturing concern cycle is ---------- than trading concern cycle:

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Shorter

Greater

Medium

None of above

Cost which is calculated before manufacture operation is called

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Sunk cost

Mixed cost

Standard cost

None of above

How many types of bank accounts are there?

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4

3

5

6

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

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One month

Six month

One year

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

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 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

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

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

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

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Premium

Increase

Expense

Concession

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

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