Question # 1

Accounts relating to persons of firms are called:

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Real accounts

Proprietary accounts

Personal accounts

Nominal accounts

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

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Increase the net profit by, double amount

Decrease the net profit

Decrease the net profit by double amount

Have no effect on the net profit

The money can be deposited into bank by means of

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Cash book

Cheque book

Pay-in-slip book

Pass book

A document given by the seller to the buyer for credit sale of goods or assets is called

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Cash memo

Invoice

Voucher

None of these

A transaction is recorded on the same days as its takes place, so journal is also called:

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A day book

A history book

An entry book

Ledger book

The book in which all cash transactions are primarily recorded is called

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Cheque Book

Pass Book

Cash Book

Finance Book

When ban column of a cash book shows a debit balance it means:

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Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

An entry which is recorded on the both sides of cash book is called

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Simple entry

Compound entry

Combined entry

Contra entry

Expenditure is revenue expenditure because

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It is intended to benefit the current period

The amount involved is small

It is deducted from the gross sale proceeds

None of these

Cash paid to Naeem will affect

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cash & capital

cash & creditor

cash and debtors

cash & goods

Under the conversion method of single entry credit salea are ascertained by preparing the.

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Total debtors account

Total creditors account

Total cash account

Total bills receivable account

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

the loss whihc arises due to natural causes such as evaporation etc is called.

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Abnormal loss

Normal loss

Additional loss

None of these

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

If the price required to be paid to the company for the share is equal to the nominal value of that share it is called.

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At discount

At premium

At par

None of these

The credit balacne of the retained earnings statement represents.

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Undisturbed Profit

Divided declared

Profit distributed

None of these

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

Share applicaton account is in the nattur eof.

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Real account

Personal account

Nominal account

None of the above

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