Question # 1

Bank Reconciliation represents

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A Journal

A Ledger

A Statement

both a and c

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

The process of totaling the data at the end of the period is called

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Posting

Casting

Compensating

Recording

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

Credit Balance of pass book must be equal to debit balance of

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Cash Book

Bank Ledger

Clients other Account

None of these

Transaction, having short-term effects are known as

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Revenue transaction

Capital transaction

Non-monetary transaction

Paper transaction

Bad debts are business

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Expenses

Liabilities

Assets

Revenue

Suspense means

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certainty

uncertainty

surly

none of these

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

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Error of omission

Error of principle

Compensating errors

Error of Commission

Net sales - cost of goods sold - operating expenses = ?

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Net purchases

Cost of goods sold available for sale

Net operating income

Gross Profit

The balance of petty cash book is a/an

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Asset

Liability

Expense

Income

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

The part of the issued capital which has been taken up or subscribed by the public is called

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Issued capital

Authorized capital

Subscribed capital

Paid up capital

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

Under the straight line method of charging depreciation, the amount of deperciation .

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Decrease every year

Increase every year

Remain constant every year

None of the above

In single entry system ledger contains the accounts of,

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Debtors, creditors and cash

Wages and carriage

Salaries and insurance

Assets and liabilities

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

The person who take the initaiative in the matter of formation of a company are known as the.

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Promoters

Share holder

Director

Registered

When the goods sent on consignment are sold by the consignee the account to be debited is.

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Cash account

Consignee personal account

Consignment account

None of these

In case of retirement of a partners full good will is credited to the account of.

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Only retring partner

Only remaining partners

All partners

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 Receipt and payment account is the summery of the

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Cash book

Balance sheet

Trqail balance

Proft and loss account

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