Question # 1

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

Depreciation of fixed assets used in the business is an example of

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capital expenditure

Revenue expenditure

Deferred expenditure

None of these

Written below each entry is the

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Transaction

Voucher no

Narration

Date

Cheques issued to a creditor but not presented for payment are called

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Un Credited Cheques

Uncollected Cheques

Un Presented Cheques

Dishonoured Cheques

Bad debts recovered should be credited to

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Balance Sheet

Trading a/c

Profit & Loss a/c

None of these

Which one of the following is appeared in the balance sheet ?

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revenue expenditure

capital expenditure

deferred revenue

both b,c

If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should

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Debited to bad debts recovered account

Credited to Ali account

Debited to bad debts account

Credited to bad debts recovered account

Cash paid to Naeem will affect

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cash & capital

cash & creditor

cash and debtors

cash & goods

Expenditure is a capital expenditure because

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The amount involved is heavy

It is the personal expenditure of the owner out of his capital

It is intended to benefit the future period

It is a recurring expenditure

Capitalized expenditure are shown in

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Trading a/c

Profit or loss a/c

Income statement

Balance sheet

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

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Under subscription

Over subscription

General subscription

Above subscription

Bills payable issued durint the period must be debited to total creditors account credited to.

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Bills payable account

Bills receivable account

Debtora account

Cash account

Partnership is formed under the act of.

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1984

1932

1912

1962

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

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Debtors account

Creditors account

Sales book

Cash book

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

In the absence of an agreement partners shall

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Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

Depreciation arise because of

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Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

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