Question # 1

A cash account always shows

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Debit Balance

Credit Balance

Both a and b

Nil Balance

All the acceptances received from the debtors are recorded in

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Cash book

Bills payable book

Debtor's book

Bills receivable book

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

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Posting

Casting

Compensating

Recording

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

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

Bad debts are business

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Expenses

Liabilities

Assets

Revenue

The favourable balance of bank statement is

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Credit Balance

Debit Balance

Zero Balance

Both b and c

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

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

Cost incurred to generate revenue is called

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Revenue

Cost

Expense

Liability

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

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں

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قانون تقلیل افادہ مختتم

قانون مساوی افادہ مختتم

قانون طلب

قانون تقلیل حاصل

Interest on drawing is debited to

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Capital

Drawings

Sundry Creditors

Outstanding expense

If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be

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overstated by Rs. 3,000

understated by Rs. 6,000

understated by Rs. 3,000

overstated by Rs. 6,000

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

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