Question # 1

In case of del creder commission the liability of bad debts is on

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Consignee

Consignor

Both on consignee and consignor

None of the above

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

The consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

The gaining ratio are calculated on.

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Admissionof a partner

Death of a partner

Retirement of a partner

None of these

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

In non-profit making organization final accounts contains

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Income and expenditure account and balance sheet

Receipts and payments account and balance sheet

Receipts and payments account and statement of affairs

Profit and loss account and balance sheet

If the cash sales are missing they are to be ascertained by the construction of.

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Debtors account

Creditors account

Cash account

None of these

The amount charged to depreciation goes on declining in.

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Diminishing balance method

Fixex instaliment method

Annuity method

Depreciation fund method

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.

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Partner's capital account

Realization account

Liabilities accounts

Cash accounts

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

Single entery system is most suitbale where

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Credit transactions are numerous.

Cash transactions are numerous

Cahs and credit transactions both are numerios

None of the above

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

None of these

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

Due to drawings made during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

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