Question # 1

Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect

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purchases A/c

sales account

purchases, sales & Ali account

purchases & sales account

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

A balance sheet is a

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Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

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

Octori duty paid on machinery, is an example of

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Revenue expenditure

Recurring expenditure

Capital expenditure

Both a & b

An error completely omitted to be entered in the journal

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partial error

error of posting

error of casting

complete error

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

If there is any error in Bank account it will affect

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Trading and profit and loss account

Profit and loss account

Trading account

Balance sheet

Deprecation is

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A Liability

A loss

An expense

Both b & c

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

A bill of exchange is a method of payment on

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Cash Basis

Credit Basis

Reserve Basis

Accommodation Basis

If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should

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Debited to bad debts recovered account

Credited to Ali account

Debited to bad debts account

Credited to bad debts recovered account

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

An expenditure, which increases the utility or productive capacity of an asset is treated as

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Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

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