Question # 1

Which one of the following in used to simplify work, to be done at the end of period

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Balance sheet

Income sheet

Bank statement

Work sheet

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

The system of recording transaction based on dual concept is called

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Double account system

Double entry system

Single entry system

Management system

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

If any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary Account

In double entry system of bookkeeping every business transaction affects:

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Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

Real accounts are related to:

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Assets

Expenses, losses and incomes

Customers, creditors

Incomes

Deprecation is

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A Liability

A loss

An expense

Both b & c

Net purchases are equal to

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Sales - returns outwards

Purchases + returns inwards

Purchases - returns outwards

Purchases + returns outwards

Unfavorable balances mean

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Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

The most exhaustive cash book is

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Petty Cash Book

Single Column Cash Book

Double Column Cash Book

Treble Column Cash Book

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

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