Question # 1

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

Interest on drawing is debited to

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Capital

Drawings

Sundry Creditors

Outstanding expense

A receipt is revenue in nature, if it relates to:

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Balance sheet

The receipt of accounting year

Small amount

Routine activity of the business

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

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Error of principle

Errors of omission

Errors of commission

Compensating error

Trading account is the account which is prepared to determine the:

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Only gross profit of the business

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

The price of goods sold or services rendered to the customers is called

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Sale

Profit

Expense

Revenue

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

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Two

Three

Four

None of these

Debts which are repayable in the course of less than one year bur more than one month are called

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Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

The favorable balance of bank statement is

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Credit balance

Debit balance

Zero balance

All of these

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

Bank Reconciliation represents

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A Journal

A Ledger

A Statement

both a and c

Bank reconciliation statement is prepared by

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Banker

Customer's accountant

Auditors

Manager

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

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

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

When boan statement shown a debit total balance it means:

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Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

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