Question # 1

The accounts of expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

How many categories of accounts are

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two

three

four

five

The recording of transaction chronologically in the book of accounts is called:

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Summarizing

Classifying

Recording

None of above

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

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Error of omission

Error of principle

Compensating errors

Error of Commission

Which of the following discloses the financial position of the business:

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Trading account

Profit and loss account

Profit and loss appropriation account

Balance sheet

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

Accounting records of a business enterprise are required by

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management of the business

outsiders

all of the above

none of the above

An expenditure which is incurred again and again is a:

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Capital expenditure

Future expenditure

Deferred expenditure

Revenue expenditure

A dealing between two persons is called a

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business

transaction

purchases

sales

Bookkeeping provides the

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primary information

secondary information

final information

insufficient information

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

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Error of principle

Errors of omission

Errors of commission

Compensating error

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

Carriage account is a/an

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asset account

revenue account

expenditure A/c

withdrawal account

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