Question # 1

Suspense means

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certainty

uncertainty

surly

none of these

A basis of business languages

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accounting

bookkeeping

transaction

cost accounting

When is a drawee is declared insolvent which account is to be debited in the books of drawer

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Deficiency a/c

Bad Debts a/c

Solvency a/c

None of these

Wrong allocation of capital and revenue items of expenses represents

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error of casting

error of principle

compensation error

error of commission

Goods purchased from Robin have been posted to Rahim account, it is an:

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Error of omission

Error of casting

Error of posting

Error of commission

Carriage account is a/an

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asset account

revenue account

expenditure A/c

withdrawal account

Distinction between capital and revenue items is important for the preparation

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Balance sheet

Trading and profit or loss a/c

Bank reconciliation statement

Both a & b

In journalizing the page numbers of the ledgers are written in:

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The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

Both cash purchases as well as credit purchases are recorded in

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Cash book

Purchase book

Purchases account

None of these

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

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

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

The debentures which does not carry any charges o the assets of the company.

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Simple debentures

Mortagage debentures

Redeemable debentures

None of these

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

Cash received from the debtors can be find out by preparing.

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Debtors account

Creditors account

Balance sheet

Trial balance

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

Under the straight line method of charging depreciation, the amount of deperciation .

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Decrease every year

Increase every year

Remain constant every year

None of the above

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

Good will is

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Expense

Profit

Assets

Liability

The figure of the credit purchase can be worked out.

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Total debtors account

Total creditors account

Cash book

Balance sheet

Single entery system is most suitbale where

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Credit transactions are numerous.

Cash transactions are numerous

Cahs and credit transactions both are numerios

None of the above

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