Question # 1

When boan statement shown a debit total balance it means:

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Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

Any activity undertaken for the purpose of earning profit is called:

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Performance

Dealing

Business

Duties

Goods returned by customers are

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purchases

purchases returns

sales returns

sales

Net purchases are equal to

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Sales - returns outwards

Purchases + returns inwards

Purchases - returns outwards

Purchases + returns outwards

Trading account is the account which is prepared to determine the:

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Only gross profit of the business

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

Net profit is always

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Equal to gross profit

more than gross profit

Less than gross profit

None of these

Net sales equal to

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Sales - Returns outwards

Sales + Returns inwards

Sales - Returns inwards

Purchases - Returns inwards

An expenditure incurred to the increases the profit earning of the concern is a:

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Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

It is prepaid to determine the gross profit or gross loss

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Trading account

Profit or loss account

Balance sheet

None of these

The balance of realization account is transferred to the capital accounts of the partners in.

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Capital ratio

Equality

Interest ratio

Profit sharing ratio

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.

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Salary

Wages

Profit

Commission

The amount charged as depreciation goes on declining in

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Depletion fund method

Auunity method

Diminishing balance method

Straiight line method

Depreciation is

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An Income

An expense

A loss

A liability

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

General reserve at the time of admission of anew partner is credited.

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

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