Question # 1

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

.If the error committed in the capital account, it will affect

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Trading account

Profit and loss account

Trading and profit and loss account

Balance sheet

Gross profit is derived from

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Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

Cost of goods sold is equal to

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sales - purchases

purchases + closing stock - returns outwards

Opening stock - closing stock + purchase + returns inwards

Opening stock + purchases - returns outwards - closing stock

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

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

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

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Increase the net profit

Decrease the net profit

Have double effect on net profit

Have no effect on net profit

Heavy expenditure on advertisement for making a new product is a

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Revenue expenditure

Deferred expenditure

Capital loss

Non-recurring expenditure

A bill which is both drawn and payable within the geographical boundaries of a country

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Foreign Bill

Local Bill

Municipal Bill

Inland Bill

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

The consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

Account salesis submitted by.

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Teh consignor to the consignee

The consignee to the consignor

the debtor to the creditors

The principle to his agent

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

A statement of assets and liabilities is prepared under the single entery system is called.

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Balance sheet

Financial statement

Statement of affair

Cash transaction

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

The value of the share as quoted on the stock exchange is said to be

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Par value

Book value

Cost value

Market value

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as.

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Oversubscription

Under subscription

No subscription

None of these

The face value of the share is also known as.

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Book value

Par value

Market value

None of these

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

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