Question # 1

Cash purchases are recorded in large organizations in

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Purchase day book

General journal

Purchase journal

Cash book

Which of the following books is called book of original entry:

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Cash book

Journal

Ledger

Sales book

Carriage paid on purchase of furniture is a

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Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

Discount received is a

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Asset

Revenue

Liability

Expenses

Operating expenses represent

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G.P- Operative Exp

Selling + General Exp

Selling administrative Exp.D)

All 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

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

Unearned income is shown as

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Assets

Expenses

Liabilities

Income

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

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

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.

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

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

How many branches are there in accounting?

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1

3

2

4

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

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

Work in process opening and closing inventory includes:-

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Arterial in process

Labour in process

F.o.H in process

All of the above

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