Question # 1

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary Account

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

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

The balance of petty cash book is a/an

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Asset

Liability

Expense

Income

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

When a drawer discounts a bill, he debits

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Bank Account

Interest Account

Drawee Account

Bill Receivable Account

The act of withdrawing a bill of exchange from circulation when it had been paid before the due date

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Renewal of a Bill

Discounting of a Bill

Endorsement of a Bill

Retiring of a Bill

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

In consginee's books the payment of expense by consignee should be debited to

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Consignment account

Consignnors account

Cash account

None of these

The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.

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Sales account

Performa invoice

Account sales

None of these

In the absence of an agreement, the share of new partner in patnership will be.

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In the portion of capital

Equal

According to work

None of the above

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

On retirement of a partner the share of a retiring partner is taken by.

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Remaining partner

New partner

Legal representator or retiring partner

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

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

Capital of the partners are maintained under.

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Fixed capital method

Fluctuating method

By any two of the above

None of the above

The opening capitla is ascertained by preparing.

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Cash account

Opening statements of affairs

Total debtors account

Total creditors account

The joint stock company is formed under companies ordiance.

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1984

1974

1884

1962

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