Question # 1

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Which account is a summary of direct expenses and direct revenues

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Trading and profit or loss account

Profit or loss account

Balance sheet

Trading account

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:

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Rs. 200 will be deducted

Rs. 200 will be added

Rs. 400 will be added

Rs. 400 will be deducted

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

All the bills given to the creditors are recorded in

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Creditor's book

Bills payable book

Bills receivable book

Bank book

Unfavorable balances mean

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Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

A dealing between two persons is called a

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business

transaction

purchases

sales

A cash account always shows

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Debit balance

Credit balance

Both debit and credit balance

Nil balance

It is used to record cash, bank and discount transactions on debit and credit side

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Single column cash book

Petty cash book

Double column cash book

Treble column cash book

Assets which have no physical existence are called

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Tangible assets

Fictitious assets

Liquid assets

Intangible assets

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

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

A transaction has been journalized but posted wrongly in the ledger account, it is an:

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Error of positing

Error of principle

Error of omission

Error of commission

Interest due but not received is an

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Outstanding expense

Accrued income

Prepaid expense

Unearned income

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