Question # 1

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

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

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

The favorable balance of bank statement is

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Credit balance

Debit balance

Zero balance

All of these

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

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

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

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

From business point of view, Interest on capital is considered as

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An income

An expense

A profit

A liability

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

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

Accounts relating to persons of firms are called:

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Real accounts

Proprietary accounts

Personal accounts

Nominal accounts

Debts which are repayable in the course of less than one year bur more than one month are called

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Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

Assets which have no market value are called

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Wasting assets

Fictitious assets

Intangible assets

Tangible assets

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