Question # 1

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

The person who draws a bill of exchange is known as

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Drawer

Payee

Drawee

Bank

Accounting is called of business:

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Heart

Ear

Tongue

Eye

Unearned income is shown as

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Assets

Expenses

Liabilities

Income

Cash purchases are recorded in large organizations in

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Purchase day book

General journal

Purchase journal

Cash book

A bill of exchange is accepted by:

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Drawer

Payee

Drawee

Bank

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

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

Accounting is the language of

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Govt

Trade

Business

Commerce

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

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

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:

Outstanding expenses are also known as

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Prepared expenses

Accrued expenses

Un-earned income

None

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

The objective of financial accounting is to ascertain:

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True results of profit

True results of loss

True results of profit or loss

None

A person is said to be insolvent when his

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Assets are sufficient

Assets are enough to pay his liabilities

Assets are not enough to pay his liabilities

None

A cost whose magnitude will be affected by decision being made is called

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Historical cost

Relevant cost

Irrelevant cost

Sunk cost

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is

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1800

1900

2000

2200

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

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

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

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