Question # 1

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

A bank reconciliation statement is prepared by:

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banker

Accountant of the business

Statutory auditors

Rigistar

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

According to accounting equation, capital is equal to

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assets + liabilities

expenses-incomes

liabilities - assets

assets - liabilities

If a liability is recorded as income, it will be considered as

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Error of commission

Error of omission

Error of Principle

None of these

The amount becomes due from the customers is called

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Allowance

Loan

Debts

Doubtful debts

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

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Credit Balance

Debit Balance

Balancing

Zero Balance

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

The credit balance of retiring partner capital account if not paid in cash should be tranferred to.

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Retiring partners loan account

Retiring partners capital account

Old partner capital account

None of these

If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.

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Surplus

Deficit

Assets

Liabilities

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

How many mathods are available to calculate the profit or loss under single entery system.

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One

Two

Three

Four

Registered company is

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2

3

4

5

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

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