Question # 1

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

The difference of the two sides of receipt and payment account represents.

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Opening cash balance

Closing cash or bank balance

Opening bank balance

None of these

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

Under aunuity method, the annual charger for depreciation wil be debited to.

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Assets account

Depreciation account

Interest account

None of these

The parties involves in the consignment are.

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Two

Three

Four

Five

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

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Realization account

Partners capital account

Assets account

None of these

Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.

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Realization account

Revalution account

Debtors account

None of these

In case of retirement the amount of the general reserve any other profit is credited to all partners in.

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Sacrificing Ratios

New profit sharing ratios

Old prift sharing ratios

Gaining ratios

Premium on issue of share is a.

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Capital profit

Business loss

Revenue profit

Revenue loss

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.

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Oversubscription

Udner subscription

No subscripition

None of these

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

In case of dissolution if there is any undivided profit are reserve should be credited to.

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Partners capital accounts

Realization accounts

Reserve account

Revaluation accounts

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