Question # 1

The statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

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

How many categories of accounts are

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two

three

four

five

The cash book is a book of

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Compound entry

Original entry

Final entry

Simple entry

Any difference in trial balance is transferred to

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sales account

nominal account

purchases account

suspense account

Gross profit equals to

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Net profit minus expenses

Sales minus closing stock

Purchases minus closing stock

Sales minus cost of goods sold

A cash account always shows

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Debit Balance

Credit Balance

Both a and b

Nil Balance

When a Bill is dishonoured, the holder of the bill goes to an official called

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Inspector

Notary Public

Drawer

Manager

A receipt is revenue in nature, if it relates to:

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Balance sheet

The receipt of accounting year

Small amount

Routine activity of the business

The price of goods sold or services rendered to the customers is called

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Sale

Profit

Expense

Revenue

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

The maximum number of member in case of public limited company can be

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Forty

Fifty

Sixty

No restriction on maximum number

For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.

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Cash account

Consignee personal account

Consignment account

None of the above

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

Account salesis submitted by.

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Teh consignor to the consignee

The consignee to the consignor

the debtor to the creditors

The principle to his agent

In case of dissolution, assets sold for cash are debited to.

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Realization account

Cash account

Assets account

None of these

In case of dissolution, assets sold for cash are debited to

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Realization account

Cash account

Assets account

None of these

A new partner may be admitted to a partnership.

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With the consent of all the partners

With the consent of any one of the partners

With consent of two third the old partners

Without the consent of old partners

Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.

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Capital ratios

Old profit sharing ratios

New profit sharing ratio

Gaining ratios

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

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

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