Question # 1

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

Current accoujts of the partners should be opened when the capital are.

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Fixed

Fluctuating

Either fixed or fluctuating

None of these

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

The unsold stock is valued at

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Original cost of the goods

Market value of the goods

Orginal cost price + proportionate direct expense incutred by the both consignor and consignee

Cost of market pric ewhich wver is the lower.

A paartner who have a major investment in the firm and receive a relatively more profit is called.

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Sleeping partner

Darment partner

Senior partner

Estoppels partner

The face value of the share is also known as.

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Book value

Par value

Market value

None of these

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

If the cash sales are missing they are to be ascertained by the construction of.

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Debtors account

Creditors account

Cash account

None of these

Realizaton account is a.

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Nominal account

Real account

Personal account

Cash account

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

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Morgagage debentures

Secured debentures

Simple of naked debentures

None of these

In income and expenditure account

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Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

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

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Surplus

Deficit

Capital fund

Profit

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