Question # 1

When saleable goods are bought in a business are called:

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Sales

Purchase

Assets

Goods

In journalizing the page numbers of the ledgers are written in:

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The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

Credit Balance of pass book must be equal to debit balance of

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Cash Book

Bank Ledger

Clients other Account

None of these

The balance of petty cash book is a/an

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Asset

Liability

Expense

Income

Cheques issued to a creditor but not presented for payment are called

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Un Credited Cheques

Uncollected Cheques

Un Presented Cheques

Dishonoured Cheques

In three column cash book, discount column is

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Totaled

Balanced

Carry Forward

Both a and b

When ban column of a cash book shows a debit balance it means:

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Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

The favourable balance of bank statement is

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Credit Balance

Debit Balance

Zero Balance

Both b and c

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

When boan statement shown a debit total balance it means:

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Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

The document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called:

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Receipt voucher

Payment voucher

Cash voucher

Cash memo

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

How many columns are drawn on one side of three column cash book ?

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Five Columns

Six Columns

Seven Columns

Eight Columns

Retiring a bill under rebate means:

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Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

Book used to record petty expenses and receipts

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Single Column Cash Book

Petty Cash Book

Double Column Cash Book

Treble Column Cash Book

In form journal, the first column represents:

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Ledger Folio

Data

Amount

Debit

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

A cash account always shows

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Debit Balance

Credit Balance

Both a and b

Nil Balance

Our cheque to Babar & Bros, returned dishonoured should be credited to

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Cheque Account

Cash Account

Bank Account

Babar & Bros A/c

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

The book in which all cash transactions are primarily recorded is called

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Cheque Book

Pass Book

Cash Book

Finance Book

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