Question # 1

Goodwill, patent, copyright and trade mark are

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Wasting assets

Intangible assets

Fictitious assets

Liquid assets

Trade expenses of Rs. 180 posted in the ledger as Rs. 810, it will be considered as

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Error of principle

Error of omission

Error of casting

Error of transposition

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

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

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revenue receipts

current receipts

capital receipts

capital profit

The time after which the bill is to be paid

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Grace Days

Tenor

Due Date

Extra Days

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

Octori duty paid on machinery, is an example of

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Revenue expenditure

Recurring expenditure

Capital expenditure

Both a & b

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

The book in which all cash transaction are primarily recorded is called

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Pass book

Cheque book

Finance book

Cash book

The margin that is available to cover the other expenses for a period and to yield net income is known as

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Net profit

Gross profit

Net sales

Cost of goods sold

Net profit plus expenses is equal to

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purchases

Cost of goods sold

Capital

Gross profit

The profit which is earned during the ordinary course of business is regarded as:

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Capital profit

Revenue profit

Revenue loss

Long term profit

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

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