Question # 1

Prepaid expenses are

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Expense

Liability

Asset

None of these

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

If more than two accounts are involved in one transaction the journal entry is called

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Simple entry

Skeleton entry

Compound entry

Double entry

A bill of exchange is drawn by a

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Debtor

Holder

Creditor

None of these

Bad debts are shown in the

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Trading A/c

None of these

Profit & Loss A/c

Both first

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

Which of the following account is increased by debit entries

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Capital A/c

Building A/c

Sales A/c

Purchase return A/c

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

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

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

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Recognized

Not recognized

Paid

Received

What is negotiable instrument?

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A document which is not transferable

A document which is transferable

A document which is accepted

None

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

Compound entry is an entry in which:

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More than one account is debited

More than one account is credited

Both a and b are correct

None of the above

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

The cost flow must match the

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Output

Outflow

Inflow

Workflow

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