Question # 1

Unfavourable balance means

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Credit Balance in the Pass Book

Credit Balance in the Cash Book

Debit Balance in Bank Statement

Both b and c

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

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

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

Which column is prepared in single column cash book?

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Bank Column

Cash Column

Discount Column

All of the Above

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

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

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

In three column cash book, discount column is

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Totaled

Balanced

Carry Forward

Both a and b

When saleable goods are bought in a business are called:

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Sales

Purchase

Assets

Goods

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

An Entry which is recorded on the both sides of cash book is called

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Simple Entry

Compound Entry

Combined Entry

Contra Entry

A cash account always shows

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Debit Balance

Credit Balance

Both a and b

Nil Balance

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

Discount deducted from the catalogue or list price is called:

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Trade discount

Cash discount

Catalogue discount

Credit discount

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

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

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

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

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