Question # 1

Net sales equal to

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Sales - Returns outwards

Sales + Returns inwards

Sales - Returns inwards

Purchases - Returns inwards

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

Expenditure is revenue expenditure because

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It is intended to benefit the current period

The amount involved is small

It is deducted from the gross sale proceeds

None of these

The transactions, the effect of which is not exhausted with in the current accounting year are called

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Revenue transaction

Capital transaction

Current transaction

Monetary transaction

Which account is a summary of direct expenses and direct revenues

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Trading and profit or loss account

Profit or loss account

Balance sheet

Trading account

All the bills given to the creditors are recorded in

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Creditor's book

Bills payable book

Bills receivable book

Bank book

An expenditure, which increases the utility or productive capacity of an asset is treated as

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Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

A transaction has been journalized but posted wrongly in the ledger account, it is an:

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Error of positing

Error of principle

Error of omission

Error of commission

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

Un recorded liability when paid on dissolution of the firmis debited to.

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Realization account

Liability account

Partners capital account

None of these

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

Under annuity method the amount of depreciation is.

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Increasing every year

Decreasing every year

Fixed for all the year

None of these

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

The loss prior to the date of incorporation of a company is.

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Revenue loss

Capital loss

Liability

None of these

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