| 1 |
In double entry system of bookkeeping every business transaction affects: |
- A. Debit or credit side of the same account
- B. Two accounts
- C. The same side of the same account
- D. None of the above
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| 2 |
Carriage account is a/an |
- A. asset account
- B. revenue account
- C. expenditure A/c
- D. withdrawal account
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| 3 |
The price of goods sold or services rendered to the customers is called |
- A. Sale
- B. Profit
- C. Expense
- D. Revenue
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| 4 |
Error of principle arises when |
- A. Any transaction is incorrectly recorded, either wholly or partially
- B. Any transaction is left wholly or partially
- C. Any transaction is affects one account
- D. Any transaction is recorded in fundamentally incorrect manner
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| 5 |
The expenditures which reduce revenue (profit) of the business are: |
- A. Revenue expenditures
- B. Capital expenditure
- C. Fixed expenditures
- D. Future expenditures
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| 6 |
The Amount of salary paid to Sohail should be debited to |
- A. Sohail's a/c
- B. Cash Account
- C. Salaries a/c
- D. Both a & c
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| 7 |
Heavy expenditure on advertisement for making a new product is a |
- A. Revenue expenditure
- B. Deferred expenditure
- C. Capital loss
- D. Non-recurring expenditure
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| 8 |
Assets having some market value |
- A. Fictitious Assets
- B. Real Assets
- C. Unreal Assets
- D. None of these
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| 9 |
A revenue expenditure, the benefit of which is not confined to one accounting year is called |
- A. Non-current expenditure
- B. Revenue expenditure
- C. Future expenditure
- D. Deferred expenditure
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| 10 |
Drawings are deducted from |
- A. Sales
- B. Income
- C. Capital
- D. Expenses
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