Question # 1

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

Cost incurred to generate revenue is called

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Revenue

Cost

Expense

Liability

All those expenses which have not become due but paid in advance are called

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Accrued expenses

Outstanding expenses

Prepaid expenses

Payable expenses

Income statement is prepared to ascertain the net result of the business concern under

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British accounting system

American accounting system

Cash system of accounting

None of these

Deprecation is

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A Liability

A loss

An expense

Both b & c

The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:

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Rs. 200 will be deducted

Rs. 200 will be added

Rs. 400 will be added

Rs. 400 will be deducted

The debts, which are irrecoverable from the debtors, are called

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Debts

Doubtful debts

Bad debts

Good debts

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

Bad debts recovered from debtors should be credited to

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Debtors a/c

Bad debts a/c

Bad debts recovered a/c

Cash a/c

Depreciation is charged at fixex rate on the reducing balance, under the.

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Written - down value method

Annuity method

Sinking fund method

Depletion method

Single entery system is most suitbale where

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Credit transactions are numerous.

Cash transactions are numerous

Cahs and credit transactions both are numerios

None of the above

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

Old prifit sharing ratio minus new profit sharing ratio is equal for.

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Sacrifing ratios

Gaining ratios

Distributing ratios

None of these

The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.

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Consignment account

Cash account

Consignor account

None of these

The amount of assets may rise of fell on account of.

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Depreciation

Fluctuation

Depletion

Amortization

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

Partner's capital are affected due to.

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Admission of a partner

Retirement of the partner

Death of a partner

All of the above

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