Question # 1

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

Gross profit represents

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Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

Capitalized expenditure are shown in

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Trading a/c

Profit or loss a/c

Income statement

Balance sheet

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

Accounting records of a business enterprise are required by

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management of the business

outsiders

all of the above

none of the above

Income received in advance during the year is

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Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

Which account is a summary of direct expenses and direct revenues

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Trading and profit or loss account

Profit or loss account

Balance sheet

Trading account

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

A statement which is prepared to know the financial position of a business on a particular date, is called

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Balance sheet

Statement of condition

Position statement

All of above

The balance of the 'Caha Column' in cash book is always:

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Debit balance

Credit balance

Both debit and credit balance

None of the above

The Decision in Garner Va. Murray was given in.

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1905

1904

1804

1933

General reserve at the time of admission of anew partner is credited.

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

If all the partners but one is solvent it is.

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Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

A certificat issue by the company under its seal acknowledging a debt due by it to its holder, is called.

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Debenture

Certificate of commencement

Acknowledge certificate

Noen of these

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

Net worth is equal to,

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Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

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

Under aunuity method, the annual charger for depreciation wil be debited to.

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Assets account

Depreciation account

Interest account

None of these

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

None of these

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

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

None of these

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