Question # 1

Noting charges are paid when bill is

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Honoured

Discounted

Dishonoured

None of these

Accounting principle are generally based on

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Theory

Subjectively

Practicability

None of these

The amount of salaries paid to javed should be credited to

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Javed A/c

Cash A/c

Salaries A/c

None of these

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

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 purchase of machinery on account would:

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Increase one asset and decrease another asset

Increase an asset and decrease liability

Increase an asset and increase capital

Increase an asset and increase a liability

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

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

Sales return is also called

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Return inward

Return to seller

Return outward

Return inward and return to seller both

The discount which is calculated on list price of goods is called

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Trade discount

Rebate

Cash discount

None of these

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

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General ledger

Head office ledger

Factory ledger

None of these

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

Accounts which are related with properties are known as

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Real accounts

Nominal accounts

Property accounts

A and C are correct Accounting principles:

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

Cash or goods taken away by owner for personal use from business are known as:

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Capital

Drawings

Revenue

Expense

Which one is not a functional classification?

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Manufacturing cost

Marketing cost

Finance cost

Mixed cost

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

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

Any written evidence of a business transaction is known as

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Voucher

Pay-in-slip

Debit note

Credit note

Doubtful debt are:

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Definite loss to the business

Definite profit to the business

Expected loss to the business

Expected profit to the business

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

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