Question # 1

Ordinary shares are also known as.

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Equity shares

Deffered shares

Bonus shares

Preference shares

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

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

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

Dell creder commission is calculated on.

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Total sales

Cash sales

Credit sales

None of these

Single entry system is suitable where,

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Small amount of cash transactions are more

Large amount of cash transaction are more

Smallamount of cash transaction are more

Largeamount of cash transaction are more

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

Consignment signifies.

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Goods despatched by the owner to his agent

Goods forwarded by the creditor to his debtor

Goods forwarded from one place to another

Goods sent by the owner to his agent for the purpose of sale.

Joint stock company is an Artificaial person created by

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Law

Federal Govt

Registrar

Employees

The face value of the share is also known as.

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Book value

Par value

Market value

None of these

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

Interest on dividend is paid.

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At the end of financial period

During the fiancancial year

At the time of incorporation

At the time of winding of company

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

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