Question # 1

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

.The cash book is a

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Subsidiary journal

Ledger account

Subsidiary journal and ledger

Trial balance

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

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

A cash account always shows

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Debit Balance

Credit Balance

Both a and b

Nil Balance

The expenditures which reduce revenue (profit) of the business are:

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

A statement which is used to reconcile the bank balance as per cash book with the balance as per pass book is called

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Bank statement

Income statement

Bank reconciliation statement

Financial statements

Cost of redecorating a cinema hall is a

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Capital expenditure

Capital loss

Revenue expenditure

None of these

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

Goodwill, patent, copyright are classified as

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Current Assets

Fixed Assets

Tangible Assets

Wasting Assets

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

Due to drawings made during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

Value of the good will is calculated under capitalization formula.

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Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

Consignment signifies.

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Goods despatched by the owner to his agent

Goods forwarded by the creditor to his debtor

Goods forwarded from one place to another

Goods sent by the owner to his agent for the purpose of sale.

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

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

Depreciation is charged on.

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Fixed tangible assets only

Fixex intangible assets only

Current assets only

None of these

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

Current accout of the partners should be opened when the capitals are.

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Fluctuating

Fixed

Either fixed or fluctuating

Neither fixed or fluctuating

A partner does not take an acitive partner is the managment firm is called.

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Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

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