Question # 1

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

When bank column of a cash book shows a credit balance, it means:

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Cash balance

Bank balance

Under draft

Over draft

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

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

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Error of omission

Error of principle

Compensating errors

Error of Commission

Which cash is paid or received in an exchange the transaction is called:

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Sale transaction

Cash transaction

Credit transaction

None of the above

Suspense means

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certainty

uncertainty

surly

none of these

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

A bill of exchange is drawn by

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Debtor

Creditor

Endorser

Endorsee

A Ledger is a book in which

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Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

A bill of exchange is a / an

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Promise

Unconditional Order

Request

Conditional Order

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

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