| 1 |
All the transactions recorded to credit sales are recorded in: |
- A. Sale return book
- B. Sales book
- C. Cash book
- D. Debtor's book
|
| 2 |
An expenditure, which is completely exhausted with in the current accounting period is known as |
- A. Deferred expenditure
- B. Revenue expenditure
- C. Future expenditure
- D. Non-recurring expenditure
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| 3 |
If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be |
- A. 1200
- B. 600
- C. 1800
- D. 2400
|
| 4 |
The amount becomes due from the customers is called |
- A. Allowance
- B. Loan
- C. Debts
- D. Doubtful debts
|
| 5 |
According to accounting equation, capital is equal to |
- A. assets + liabilities
- B. expenses-incomes
- C. liabilities - assets
- D. assets - liabilities
|
| 6 |
Preliminary expenses incurred before the commencement of business |
- A. revenue expenditure
- B. capital expenditure
- C. deferred revenue expenditure
- D. capital loss
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| 7 |
Ahmad's account is an example of |
- A. real account
- B. personal A/c
- C. nominal account
- D. none of these
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| 8 |
In three column cash book, discount column is |
- A. Totaled
- B. Balanced
- C. Carry Forward
- D. Both a and b
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| 9 |
The cash book is a book of |
- A. Compound entry
- B. Original entry
- C. Final entry
- D. Simple entry
|
| 10 |
The balance of the trading account is the transferred to: |
- A. Profit and loss account
- B. Balance sheet
- C. Work sheet
- D. Position statement
|