Question # 1

The book meant for recording all cash transactions is called

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Purchase book

Cash book

Sales book

Pass book

Debit balance of cash book is also called

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Unfavourable balance

Favourable balance

Negative balance

Both un favourable and favourable balance

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

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Expenses

Revenue

Capital

Drawings

Freight paid on machinery purchased is a

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Revenue expenditure

Capital expenditure

Capital loss

Revenue loss

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

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

Balance sheet is a statement of

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Assets

Both first

Liabilities

None of these

Any activity undertaken for the purpose of earning profit is called

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Dealing

Business

Performance

Duties

Which of these is a fixed asset:

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Cash

Plant

Stock

Prepaid expenses

Accounting is called of business:

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Heart

Ear

Tongue

Eye

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

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

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

What are accrued expenses?

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The expenses that have been incurred during current year and paid till the end of current year

The expenses that have been incurred previous year and paid in the current year

The expenses that have been incurred during current year and not paid till the end of current year

The expenses that have been incurred previous year and not paid till the end of current year

What is accumulated depreciation?

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Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

Costs whose consumption may be identified with specific production units in called

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Direct labour cost

Indirect labour cost

Direct material cost

Indirect material cost

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

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

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One month

Six month

One year

None

According to possible for an event or transaction which is not measurable in terms of money

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True

False

May be

None

How many types of inventories are in cost of goods sold statement?

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1

2

3

4

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

In bill of exchange, the party who accepts a bill is known as:

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Drawer

Drawee

Payee

Third party

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