Question # 1

Assets which come into existence upon the happening of a certain event are called

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Fictitious assets

Floating assets

Contingent assets

Dependent assets

Accounting is called of business:

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Heart

Ear

Tongue

Eye

The book meant for recording all cash transactions is called

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Purchase book

Cash book

Sales book

Pass book

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

Unearned income is shown as

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Assets

Expenses

Liabilities

Income

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

The science and art of correctly recording business dealing in a set of books is called

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Book keeping

Auditing

Accounting

Recording

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

Bank reconciliation is prepared by

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Bank

Creditors

Auditor

Accountant

For payment of bill of exchange grace days are

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2 days

3 days

5 days

4 days

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

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