Question # 1

Bank Reconciliation represents

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A Journal

A Ledger

A Statement

both a and c

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

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

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

The gross amount of goods sold or services performed during an accounting period is known as

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Purchase

Sale

Gross profit

Net profit

The Principle book of accounts is

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Journal

Ledger

Trial Balance

Balance Sheet

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

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

Sales returns book periodical total is posted to

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Debit of returns inwards account

Credit of returns inwards account

Debit of returns outwards account

Credit of returns outwards account

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

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

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