Question # 1

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

Bad debts are business

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Expenses

Liabilities

Assets

Revenue

When a drawee honours his acceptance, he will credit

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Capital Account

Drawer Account

Bill Payable Account

Cash Account

Loss of good by fire should be credited to:

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Purchase account

Sales account

Loss by goods by fire account

Capital account

Trade expenses of Rs. 180 posted in the ledger as Rs. 810, it will be considered as

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Error of principle

Error of omission

Error of casting

Error of transposition

The document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called:

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Receipt voucher

Payment voucher

Cash voucher

Cash memo

The credit purchases were wrongly recorded in sales book, the rectification of entry

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Increase the net profit by double amount

Decrease the net profit by double amount

Decrease the net profit

Increase the net profit

If there is any error in Bank account it will affect

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Trading and profit and loss account

Profit and loss account

Trading account

Balance sheet

The cash book is a book of

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Compound entry

Original entry

Final entry

Simple entry

Disagreement in balances may arise owing to mistake or mistakes in the:

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Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

Income statement is prepared to ascertain the net result of the business concern under

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British accounting system

American accounting system

Cash system of accounting

None of these

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

A statement of assets and liabilities is prepared under the single entery system is called.

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Balance sheet

Financial statement

Statement of affair

Cash transaction

Kind of company is.

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2

3

4

5

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

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 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

According to companies ordinance, single entry system cannot be adopted by,

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

Arithmetical accuracy of the books of accounts cannot be checked under.

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Single Entry system

Double entery system

None entery system

Both a and b

The opening capitla is ascertained by preparing.

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Cash account

Opening statements of affairs

Total debtors account

Total creditors account

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