| 1 |
Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to: |
- A. Assets account
- B. Expenses account
- C. Cash account
- D. Purchases account
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| 2 |
The capital profit should be transferred to: |
- A. Profit and loss account
- B. Trading account
- C. Balance Sheet
- D. Both Trading and profit and loss account and balance sheet
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| 3 |
Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect |
- A. purchases A/c
- B. sales account
- C. purchases, sales & Ali account
- D. purchases & sales account
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| 4 |
Errors which affect one account can be |
- A. errors of principle
- B. errors of posting
- C. errors of omission
- D. none of these
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| 5 |
Receipts, which are non-recurring by nature, are called |
- A. revenue receipts
- B. current receipts
- C. capital receipts
- D. capital profit
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| 6 |
The revenue profit should be transferred to: |
- A. Balance sheet
- B. Trading account
- C. Profit and loss account
- D. None of these
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| 7 |
If the error committed in the capital account, it will affect |
- A. trading account
- B. profit & loss account
- C. trading and profit & loss account
- D. balance sheet
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| 8 |
Receipts which are non-recurring by nature: |
- A. Capital receipts
- B. Revenue receipts
- C. Short term receipts
- D. Capital profit
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| 9 |
Capitalized expenditures are shown in |
- A. trading A/c
- B. profit & loss A/c
- C. income statement
- D. balance sheet
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| 10 |
A transaction has been journalized but posted wrongly in the ledger account, it is an: |
- A. Error of positing
- B. Error of principle
- C. Error of omission
- D. Error of commission
|