Question # 1

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

Compound entry affected at least

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Two account

One account

Three account

Four account

Cash purchases are recorded in large organizations in

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Purchase day book

General journal

Purchase journal

Cash book

Operating expenses represent

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G.P- Operative Exp

Selling + General Exp

Selling administrative Exp.D)

All of these

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

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

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

Carriage paid on purchase of furniture is a

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Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

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 person who draws a bill of exchange is known as

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Drawer

Payee

Drawee

Bank

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

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Trade discount

Rebate

Cash discount

None of these

Under perpetual inventory system stock taking is under taken at the

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Start of the accounting year

End of the accounting

Regular bases

None of above

What are bad debts?

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Debts which are irrecoverable from the debtors

Debts which are recoverable from the debtors

Debts which are irrecoverable from the creditors

Debts which are recoverable from the creditors

How many branches are there in accounting?

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1

3

2

4

A property which is received by virtue of a will of a person after his death is known as

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Legacy

Donation

Subscription

Gift

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

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

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

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the above

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

Variable cost and fixed cost have been treated as product cost in

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Absorption costing

Direct costing

Full costing

All of above

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

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