Question # 1

Net loss is always

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Equal to gross loss

More than gross loss

Less than gross loss

None of these

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

Which column is prepared in single column cash book?

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Bank Column

Cash Column

Discount Column

All of the Above

An expenditure, which is temporarily increase the profit making capacity of the business is called

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Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

The transaction for which non separate book is maintained are recorded in:

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Journal proper

Bills receivable book

Bills payable book

Cash book

If any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

It is used to record only cash receipts and payments

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Single column cash book

Double column cash book

Treble column cash book

Sales book

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

The Principle book of accounts is

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Journal

Ledger

Trial Balance

Balance Sheet

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

The partnership may come to an end due to the

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Death of a partner

Involvency of a partner

Both of the above

None of these

The persons to whom the goods are dispatched for the purpsoe of sales is called.

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Debtor

Consignee

Consignor

None of these

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

The charter of the company containing the objects of whihc for company is being formed is called.

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Articles of association

Prospectus

Memorandum of associaton

Notice

Subscription otstanding in the beginning are shown in the

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Trading account

Income and expenditure account

Balance sheet

Profit and loss account

Those debentures wihch carry no security as to payment of interest or repayment of principal, are known as.

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Morigage debentures

Secured debentures

Simple or naked debentures

None of these

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