Question # 1

The book in which all cash transaction are primarily recorded is called

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Pass book

Cheque book

Finance book

Cash book

Which one of the following is not considered the permanent part of the accounting record?

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Journal

Trail balance

Ledger

Work sheet

Interest due but not received is an

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Outstanding expense

Accrued income

Prepaid expense

Unearned income

When a Bill is dishonoured, the holder of the bill goes to an official called

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Inspector

Notary Public

Drawer

Manager

The process of totaling the data at the end of the period is called

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posting

casting

compensating

recording

Error of principle involves an incorrect allocation of expenditure or receipt between.

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Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

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suspense A/c

sales A/c

cash A/c

none of above

A bill which is both drawn and payable within the geographical boundaries of a country

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Foreign Bill

Local Bill

Municipal Bill

Inland Bill

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

How many parties are involved in case of Discounting of a bill ?

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Two

Three

Four

None of these

Errors which affect one account can be

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errors of principle

errors of posting

errors of omission

none of these

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

All the direct expenses are charged to:

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Balance sheet

Profit and loss account

Trading account

None of these

A bill from the point of view of a creditor is called a:

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Bill payable

Bill receivable

Bil acceptable

Bill rejectable

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

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