Question # 1

Bad debts are business

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Expenses

Liabilities

Assets

Revenue

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

The accounts of expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

Which book is used to record all cash receipts and cash payments?

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Sale book

Purchase book

Cash book

Petty cash book

Cash paid to Naeem will affect

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cash & capital

cash & creditor

cash and debtors

cash & goods

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

Error of carry forward will affect

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Personal accounts

Nominal accounts

Impersonal accounts

None of these

The cash book is a book of

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Compound entry

Original entry

Final entry

Simple entry

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

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trading account

profit & loss account

trading and profit & loss account

balance sheet

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

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

Kind of company is.

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2

3

4

5

When the goods sent on consignment are sold by the consignee the account to be debited is.

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Cash account

Consignee personal account

Consignment account

None of these

Opening capital is calculated by taking the difference between,

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Opening assets and closing assets

Opening assets and closing liabilities

Opening assets and Opening liabilities

Closing assets and closing liabilities

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

Depreciation fund method is also known as.

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Sinking fund method

Annuity method

Sum- of year's digit method

None of these

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

The dividend paid to the shareeholders duirng the financial year is.

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Redeemable debentures

Irredeemable debentures

Repayable debebtures

None of these

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