Question # 1

Transaction are recorded data wise, so journal is also called:

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Entry book

Transaction book

Chronological book

Voucher

Bill receivable account is a:

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Nominal account

Personal account

Real account

Expenses account

The statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position statement

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

Trading account is the account which is prepared to determine the:

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Only gross profit of the business

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

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Credit Balance

Debit Balance

Balancing

Zero Balance

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

Left hand side of an account is called

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Debit Side

Credit Side

Both a & b

None of these

In case of a debt becoming bad, the amount should be credited to

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Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

A Ledger is a book in which

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Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

Bank account is a:

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Personal account

Real account

Nominal account

None of these

Record of business transaction in the journal is called

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Detail

Summary

Narration

Entry

Journal means

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Weekly

Monthly

Yearly

Daily

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

A bill of exchange is drawn by:

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A debtor

A creditor

A holder

Endorsee

A trial balance can be constructed by

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Three Methods

Two Methods

Four Methods

Five Methods

The expenditures which reduce revenue (profit) of the business are:

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

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