Question # 1

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

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

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

The amount of good will broght in cash by nw partner will be credited to old partner in.

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Gaining Ratio

New Ratio

Old Ratio

Sacrifice Ratio

Those debentures wihch carry no security as to payment of interest or repayment of principal, are known as.

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Morigage debentures

Secured debentures

Simple or naked debentures

None of these

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

The Decision in Garner Va. Murray was given in.

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1905

1904

1804

1933

The excess of total assets over total liabilituies of a concern is called.

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Surplus

Deficit

Capital fund

Profit

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

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Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

The owner wquity in a company is commonly called.

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Shareholder equity

promotors equity

Directors equity

None of these

Commission due to the consignee is calculated on.

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Credit sales only

Cash sales only

Total sales

None of these

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

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 term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

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