Question # 1

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

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

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Consignor

Consignee

Debtor

Creditor

If the price required to be paid to the company for the share less than the nominal value of that share, it is called shares.

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At discount

At primium

At par

None of these

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

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

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Under subscription

Over subscription

General subscription

Above subscription

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

The value of an asset at the end of the working life is called.

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Book value

Scrape value

Market value

None of these

When the goods sent on consignment are sold by the consignee the account to be debited is.

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Cash account

Consignee personal account

Consignment account

None of these

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

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

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

A certificat issue by the company under its seal acknowledging a debt due by it to its holder, is called.

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Debenture

Certificate of commencement

Acknowledge certificate

Noen of these

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

Under the conversion method of single entry credit salea are ascertained by preparing the.

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Total debtors account

Total creditors account

Total cash account

Total bills receivable account

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

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