Question # 1

A ______ is a large columnar sheet of paper

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Worksheet

Balance sheet

Journal

None of these

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

A prepaid expense is

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An asset

A liability

An expense

An income

Accounts relating to persons of firms are called:

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Real accounts

Proprietary accounts

Personal accounts

Nominal accounts

paid to Nadeem cash Rs. 5000 and a cheque for Rs. 4800 in full settlement of his dued Rs. 10000 should be credited to

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Cash account

Bank account

Discount received account

All of these

Wages paid for the construction of building is an example of

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Revenue expenditure

Capital expenditure

Recurring expenditure

Short-term expenditure

Unfavorable balances mean

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Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

In double entry system of bookkeeping every business transaction affects:

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Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

Interest on drawings is

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An asset

A liability

An expense

A revenue

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

Which of the following method is suitable for charging depreciation an machinery and furniture.

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Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

Those debentures wihch carry no security as to payment of interest or repayment of principal, are known as.

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Morigage debentures

Secured debentures

Simple or naked debentures

None of these

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

None of these

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

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Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

The persons to whom the goods are dispatched for the purpsoe of sales is called.

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Debtor

Consignee

Consignor

None of these

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

In case of dissolution, assets sold for cash are debited to

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Realization account

Cash account

Assets account

None of these

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

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

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

The dividend paid to the shareeholders duirng the financial year is.

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Redeemable debentures

Irredeemable debentures

Repayable debebtures

None of these

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