Question # 1

The revenue that has not become due, but received in cash in current year is known as

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Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

The money with which business is started is known as:

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Capital

Creditor

Income

Debtor

The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

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Balance sheet columns

Income statement columns

Cash columns

Bank columns

Interest on drawing is debited to

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Capital

Drawings

Sundry Creditors

Outstanding expense

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

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Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

The recording of transaction chronologically in the book of accounts is called:

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Summarizing

Classifying

Recording

None of above

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

A receipt is revenue receipt because

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the amount is small

it relates to routine activity of business

it is received in the accounting year

both b, c

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

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Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.

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All partners capital accounts

Only retiring partners capitals accounts

Remaiingng partners capital account

None of these

The sum total of the nominal vaue of shares of company is called is.

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Issued capital

Subscribed capital

Share capital

Called up capital

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

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

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Cash account

Consignor 's personal account

Consignment account

None of these

As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.

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Realization loss

Profit ratio

Capital ratio

None of these

Receipts and payments account shows

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Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

Amount due to the deceased partner is generally transferred to

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Executor's loan

Profit and loss accounts

Capital account

None of thess

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

Gaining ratios are equal to.

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New Ratio - Old ratio

Old ratio- New ratio

New Ratio + old ratios

Capital ratios- New Ratios

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