Question # 1

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

Un recorded liability when paid on dissolution of the firmis debited to.

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Realization account

Liability account

Partners capital account

None of these

Share applicaton account is in the nattur eof.

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Real account

Personal account

Nominal account

None of the above

The figure of the credit purchase can be worked out.

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Total debtors account

Total creditors account

Cash book

Balance sheet

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

The gradual decrease in the value of the fixex assets due to its use in the business is called.

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Depreciation

Depletion

Amorization

Fluctuation

Under annuity method the amount of depreciation is.

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Increasing every year

Decreasing every year

Fixed for all the year

None of these

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

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Single , entery system

Accrual system

Double enterysystem

Cash system

A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.

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Active partner

Sleeping partner

Secrete partner

None of these

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