Question # 1

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Bad debts are

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Deferred expenditure

Revenue expenditure

Capital expenditure

None of these

If a liability is recorded as income, it will be considered as

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Error of commission

Error of omission

Error of Principle

None of these

Which one of the following in used to simplify work, to be done at the end of period

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Balance sheet

Income sheet

Bank statement

Work sheet

When cash is withdrawn from the bank for the personal use of the owner, must be debited to

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Cash account

Bank account

Drawings account

Capital account

When a drawer discounts a bill, he debits

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Bank Account

Interest Account

Drawee Account

Bill Receivable Account

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

All the direct expenses are charged to:

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Balance sheet

Profit and loss account

Trading account

None of these

Partnership is formed by the partners.

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Written agreement

Mutual consent

Verbal agreement

None of these

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

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

Partner's capital are affected due to.

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Admission of a partner

Retirement of the partner

Death of a partner

All of the above

The debentures which are repayable at the end of a specified period are termed as.

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Redeemeble debentures

Irredeemable debentures

Repayable debetures

None of these

If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.

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Surplus

Deficit

Assets

Liabilities

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

In single entry system real accounts are not maintained so the preparation of,

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Correctly

Effectively

Wrongly

Approximately

Under diminhing balance method, depreciationis calculated on.

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The original cost

The scrape value

Book value

All of the above

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

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