Question # 1

The entry which is recorded on the both sides of three column cash book is called

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Single entry

Compound entry

Double entry

Contra entry

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

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

The book in which small payments like refreshment tissues etc are recorded is called

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Main cash book

Cash account

Petty cash book

Both main cash book & petty cash book

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

Carriage paid on goods purchased is a

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Direct expense

Opening expense

Indirect expense

General expense

Carriage paid on goods sold is a

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Direct expense

Operating expense

General expense

Selling expense

The process of recording business transactions in the journal is called

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Posting

Classifying

Journalising

Entry

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

Cash sales are recorded in

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Sales book

Purchase book

Cash book

Pass book

Business debts are also called is

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Capital

Liabilities

Drawing

Assets

Section of the business to which cost can be charged is termed as

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Cost driver

Cost center

Cost unit

All of above

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:

Manufacturing concern cycle is ---------- than trading concern cycle:

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Shorter

Greater

Medium

None of above

What is amortization?

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Decrease in the value of fixed assets

Decrease in the value of intangible assets

Increase in the value of fixed assets

Increase in the value of intangible assets

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

Good received note is prepared by

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Purchase department

Sales department

Receiving department

All of the above

A credit purchases are:

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If goods purchased and payment made at the same time

If goods purchased and payment not made at the same time

If goods sold and payment receive at the same time

If goods sold and payment not receive at the same time

Depreciation is a loss due to wear and tear of an asset.

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Correct

Incorrent

May be

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

From the following statements which one is not true about over applied F.o.H

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Less from cost of goods sold at normal

Less from entire production if required

Add in gross profit if required

Less from Net profit.

During period of rising material prices, ----------- method results in profit inflation

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LIFO

FIFO

Weighted average

All of the above

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