Question # 1

The transactions, the effect of which is not exhausted with in the current accounting year are called

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Revenue transaction

Capital transaction

Current transaction

Monetary transaction

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

The concession given by the supplier to the buyer on purchases of good is known as:

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Sales discount

Trade discount

Purchase discount

Discount received

Cost of goods sold is equal to

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sales - purchases

purchases + closing stock - returns outwards

Opening stock - closing stock + purchase + returns inwards

Opening stock + purchases - returns outwards - closing stock

When money is paid to a creditor or supplier a receipt is obtained from him which is called

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Cash voucher

Cash payment

Receipt voucher

Payment voucher

The cash book is a book of

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Compound entry

Original entry

Final entry

Simple entry

All revenue expenditure are taken to

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Trading a/c

Trading & profit or Loss a/c

Profit or loss a/c

Balance sheet

Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to

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Cash account

Discount allowed account

Bank account

Both a & b

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

The excess of total assets over total liabilituies of a concern is called.

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Surplus

Deficit

Capital fund

Profit

Ordinary shares are also known as.

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Equity shares

Deffered shares

Bonus shares

Preference shares

The opening capitla is ascertained by preparing.

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Cash account

Opening statements of affairs

Total debtors account

Total creditors account

The asses which have physical existence are called.

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Intangible assets

Intangible fixed assets

Tangible fixed assets

Both tangible or intangible assets

In case of banking business, the numerb of persons must not exceed.

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Ten (10)

Twenty (20)

Tweinty five(25)

Fifty (50)

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

In cash book

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Each entry is followed by narration

Ledger reference is recorded

Each transaction is recorded in chronological order

All of the above

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

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