Question # 1

The balance of petty cash book is a/an

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Asset

Liability

Expense

Income

.If the error committed in the capital account, it will affect

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Trading account

Profit and loss account

Trading and profit and loss account

Balance sheet

Bank account is a:

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Personal account

Real account

Nominal account

None of these

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

The balance of the 'Caha Column' in cash book is always:

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Debit balance

Credit balance

Both debit and credit balance

None of the above

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

A book which is used to record small expenses is called

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Expenses book

Cash book

Petty cash book

Purchases book

When cash is received from debtor or customer, generally a receipt is issued to the debtor which is called

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Payment voucher

Receipt voucher

Cash voucher

None of these

Bill receivable account is a:

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Nominal account

Personal account

Real account

Expenses account

One way of avoiding errors in the permanent accounting records is to use a form which is called

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Bank statement

Trail balance

Balance sheet

Work sheet

Assets which have no physical existence are called

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Tangible assets

Fictitious assets

Liquid assets

Intangible assets

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

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

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

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Capital expenditure

Revenue expenditure

Short-term expenditure

Current expenditure

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

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