Question # 1

Which of the following is NOT prepared by Non Profit organization?

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Profit and loss account

Income and expenditure account

Receipts and payments accounts

Balance sheet

According to double entry system of accounting,an accounting that obtain benefit is

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Debit

Credit

Income

What will be the effect on accounting equation ,which payment is made to the creditor of the business?

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Decrease in an asset ,decrease in liability

Increase in asset,increase in liability

Increase in asset ,increase in owner equity

Commercial accounting is based on

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Single entry book keeping

Double entry book keeping

Both single and double entry book keeping

cash basic of book keeping

All the cost incurred on the incomplete assets up to the balance sheet date must be transferred to:

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Capital account

Capital work in progress

Relevant asset account

The amount brought propritier in the business should be credited to

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cash account

capital account

drawing account

Which of the following account balance will be shown on debit side of trail balance ?

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Capital account

Sundry credit accounts

Cash account

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

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1,2

2,3

1,3

1,2,3

The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as

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Appreciation

Depreciation

Fluctuation

None of the gievn

Depreciation value of an asset is equal to

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cost + scrape value

cost + market value

cost - scrap value

none of the given

Cash book is a part of

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Voucher

general ledger

general journal

Trail balance

Which one of the following is CORRECT about closing stock?

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It appears in the asset side of the balance sheet

it decrease the value of cost of goods sold

It becomes the opening stock of the next year

All of the above

Following are the inventories of Manufacturing Concern EXCEPT

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Raw material

work in process

finished goods

merchandise inventory

Under the reducing balance method of depreciation :

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Amount of depreciation increase every year

Amount of depreciation remains constant for every year

Amount of depreciationdecrease every year

Which of the following is an alternate term which can be used for "Capital"?

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Liability

Owner net worth

Asset

Working Capital

Depreciation arises because of :

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Fall in the market value of an asset

Fall in the value of money

Physical wear and tour

All of the above

If a business purchase machinery for rs 30000 on 31 january 2008 having life of 8 years,this expenses will be realized under the concept of accrual accounting

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for the year 2008 only

for the last day of 10th year only

over 10 year

nothing can be said about it

A decrease in value of a fixed asset due to age ,wear and tear is known as

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depreciation

accumulated depreciation

WDV

_____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction

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Present Value

Fair Value

Book Value

If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added?

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cheaque deposited but not credit by the bank

Cheques omitted to be deposited into the bank

any amount directly collected by bank on behalf of customer but not recorded in cash book

Debit side cash book was overcast.

In cost of goods sold statement the total factory cost is equal to

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l cost of material + Labor cost

cost of material consumed + conversion cost

cost of material consumed + total factory cost

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