Question # 1

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

______ simplifies work to be done at the end of the period

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Work sheet

Ledger

Trail balance

Balance sheet

Interest due but not received is an

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Outstanding expense

Accrued income

Prepaid expense

Unearned income

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

A receipt is revenue in nature, if it relates to:

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Balance sheet

The receipt of accounting year

Small amount

Routine activity of the business

Narration is always written:

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Above each entry

Below each entry

Between of each entry

None of these

The concession given by the supplier to the buyer on purchases of good is known as:

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Sales discount

Trade discount

Purchase discount

Discount received

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

Which one of the following is appeared in the balance sheet

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Revenue expenditure

Capital expenditure

Deferred expenditure

Both b & c

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

A bill from the point of view of a debtor is called

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Bill Acceptable

Bill Receivable

Bill Payable

None of these

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

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Increase the net profit by, double amount

Decrease the net profit

Decrease the net profit by double amount

Have no effect on the net profit

In the preparation of worksheet the amounts in the trail balance are taken directly form the ______

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Ledger

Trail balance

Balance sheet

None of these

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