Question # 1

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

Interest on drawings is

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An asset

A liability

An expense

A revenue

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

How many categories of accounts are

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two

three

four

five

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

Bookkeeping provides the

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primary information

secondary information

final information

insufficient information

Receipts, which are non-recurring by nature, are called

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revenue receipts

current receipts

capital receipts

capital profit

Capitalized expenditure are shown in

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Trading a/c

Profit or loss a/c

Income statement

Balance sheet

If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an

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Error of commission

Error of principle

Compensating error

Error of principle

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

An expenditure, which increases the utility or productive capacity of an asset is treated as

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Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

The amount becomes due from the customers is called

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Allowance

Loan

Debts

Doubtful debts

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

Nominal account are related to:

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Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

The effect of drawing on accounting equation is

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decrease in assets and decrease in liabilities

increase in both assets & liabilities

decrease in assets and increase in capital

none of these

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