1 |
Usually every ______ entry affect both income statement and balance sheet |
- A. Adjusting
- B. Work sheet
- C. Balance sheet
- D. Ledger
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2 |
The outflow of funds to meet the running expenses of a business |
- A. Revenue loss
- B. Revenue expenditure
- C. capital expenditure
- D. capital loss
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3 |
Contra Refers to |
- A. Same Side
- B. Parallel Side
- C. Opposite Side
- D. None of these
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4 |
Trade expenses of Rs. 180 posted in the ledger as Rs. 810, it will be considered as |
- A. Error of principle
- B. Error of omission
- C. Error of casting
- D. Error of transposition
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5 |
Bad debts are |
- A. Deferred expenditure
- B. Revenue expenditure
- C. Capital expenditure
- D. None of these
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6 |
An income which has earned but not received is called |
- A. Unearned income
- B. Accrued revenue
- C. Revenue received in advance
- D. None of these
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7 |
A sheet which minimizes the chances of errors to the maximum possible extent is called |
- A. Balance sheet
- B. Work sheet
- C. Paper sheet
- D. Income statement
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8 |
The body of worksheet contains |
- A. Two pairs of money column
- B. Three pairs of money column
- C. Four pairs of money column
- D. Five pairs of money column
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9 |
paid to Nadeem cash Rs. 5000 and a cheque for Rs. 4800 in full settlement of his dued Rs. 10000 should be credited to |
- A. Cash account
- B. Bank account
- C. Discount received account
- D. All of these
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10 |
When cash is withdrawn from the bank for the personal use of the owner, must be debited to |
- A. Cash account
- B. Bank account
- C. Drawings account
- D. Capital account
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