Question # 1

Written below each entry is the

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Transaction

Voucher no

Narration

Date

Goods purchased from Robin have been posted to Rahim account, it is an:

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Error of omission

Error of casting

Error of posting

Error of commission

An expenditure incurred in increasing the efficiency of a fixed asset is called:

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Revenue expenditure

Capital expenditure

Current expenditure

None of these

A trial balance can be constructed by

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Three Methods

Two Methods

Four Methods

Five Methods

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

Deprecation is

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A Liability

A loss

An expense

Both b & c

The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

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Balance sheet columns

Income statement columns

Cash columns

Bank columns

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

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Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

Transaction, having short-term effects are known as

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Revenue transaction

Capital transaction

Non-monetary transaction

Paper transaction

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

The document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called:

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Receipt voucher

Payment voucher

Cash voucher

Cash memo

Bank account is a:

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Personal account

Real account

Nominal account

None of these

The const concept applied only to the assets and not to:

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Expenses

Liabilities

Incomes

None of these

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

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