Question # 1

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

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

Trail balance shows

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Complete accuracy

Arithmetical accuracy

Whole accuracy

Full accuracy

Compound entry affected at least

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Two account

One account

Three account

Four account

Bill receivable and debtor are

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Long term assets

Fictitious assets

Fixed assets

Current assets

The book meant for recording all cash transactions is called

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Purchase book

Cash book

Sales book

Pass book

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

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

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

Which ratio tells how many times in a year stock is used up and replaced?

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Gross profit ratio

Net profit ratio

Cost ratio

None of these

Statement of a affairs is a sort of -----------

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Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

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

Per Unit cost is calculated by dividing the cost of goods sold by

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The number of units sold

The number of units purchase

The number of units manufactured

All 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

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

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:

If spoiled good are considered as abnormal part of production process then debited to

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Work in process

General expense

F-o-H control

None of above

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

How many branches are there in accounting?

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1

3

2

4

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