Question # 1

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

All those expenses which are incurred to convert raw-materials into finished goods are called:

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Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

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

A book which is used to record small expenses is called

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Expenses book

Cash book

Petty cash book

Purchases book

The money with which business is started is known as:

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Capital

Creditor

Income

Debtor

The money can be deposited into bank by means of

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Cash book

Cheque book

Pay-in-slip book

Pass book

Journal means

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Weekly

Monthly

Yearly

Daily

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

An expenditure, which is non-recurring and irregular is called

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Capital expenditure

Revenue expenditure

Short-term expenditure

Current expenditure

Sales are equal to

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Cost of goods sold + Profit

Gross profit - cost of goods sold

Cost of goods sold - gross profit

None of these

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

The time after which the bill is to be paid

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Grace Days

Tenor

Due Date

Extra Days

Expenditure is a capital expenditure because

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The amount involved is heavy

It is the personal expenditure of the owner out of his capital

It is intended to benefit the future period

It is a recurring expenditure

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

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