Question # 1

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

In cash book

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Each entry is followed by narration

Ledger reference is recorded

Each transaction is recorded in chronological order

All of the above

Revaluation account is a.

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Real account

Personal account

Cash account

Nominal account

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

The method for preparing the final accounts in trading concerns and non-profit making organizations are

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Same

Different

Easy

Difficult

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.

The person who sends the goods to his agent for the purpose of sale is called.

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Consignor

Consignee

Debtor

Creditor

The Closing Capital is worked out by preparing the.

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Opening statement of affair

Closing statement of affiar

Cash book

Balance sheet

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

A person who purchases the share of the company becomes its.

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Share holder

Debenture holder

Under writer

Promoter

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

The owner wquity in a company is commonly called.

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Shareholder equity

promotors equity

Directors equity

None of these

Depreciation arise because of

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Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

The joint stock company is formed under companies ordiance.

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1984

1974

1884

1962

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