Question # 1

Bank book is a part of :

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Voucher

General journal

General ledger

trail balance

Accrued expenses are the example of

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Current liabilities

Long term liabilities

Capital expenses

Accountancy cover which of the following series

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bookkeeping

accounting

auditing

all of the above

The total of all cost incurred to convert raw material into finished goods is known as :

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Prime cost

Conversion cost

Sunk cost

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

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Debit

Credit

Income

Which of the following shows summary of a company financial position at a specific date?

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Profit and loss account

Cash flow statement

Balance Sheet

The asset which have limited useful life are termed as :

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Limited assets

Depreciation assets

Unlimited assets

None of the given option

The favourable balance of profit and loss account should be:

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added in liabilities

subtracted from current assets

Subtracted from liabilities

added in capital

Cash book is a part of

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Voucher

general ledger

general journal

Trail balance

In a balance sheet fixed asset is shown at

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cost price

market value

fair value

written down value

In an account if credit< debit side then the balance is known as

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Negative Balance

Debit Balance

Positive Balance

Credit Balance

Which of the following is NOT include in the specimen of a payment voucher?

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Name of organization

cash payment amount

date of transaction

Bank receipt

Double entry accounting system include:

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Accrual accounting only

Cash accounting only

Both A and B

^{None of the given}

____ is the detail of transaction in one account provided by the bank

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bank statement

income statement

bank reconciliation statement

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

Which of the following is not depreciated?

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factory building

office equipment

Plant

Land

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

Cost incurred for the maintenance of the shop is considered as

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Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

The amount of depreciation charged on machinery will be debited to:

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machinery account

depreciation account

cash account

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

An asset that is not physical in nature is called ____

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intangible asset

liquid assets

current asset

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