Question # 1

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

The amount becomes due from the customers is called

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Allowance

Loan

Debts

Doubtful debts

Allowance for doubtful debts normally has a

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Debit balance

Credit balance

Both debit & credit balance

None of these

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

An error completely omitted to be entered in the journal

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partial error

error of posting

error of casting

complete error

If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an

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Error of commission

Error of principle

Compensating error

Error of principle

Loss of good by fire should be credited to:

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Purchase account

Sales account

Loss by goods by fire account

Capital account

An entry which is recorded on the both sides of cash book is called

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Simple entry

Compound entry

Combined entry

Contra entry

All those expenses which have not become due but paid in advance are called

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Accrued expenses

Outstanding expenses

Prepaid expenses

Payable expenses

The revenue that has not become due, but received in cash in current year is known as

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Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

If the price required to be paid to the company for the share is more than nominal value of that share, it is called.

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At discount

At premium

At par

None of these

At the end of the year non trading institutions prepare.

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Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

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

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

The joint stock company is formed under companies ordiance.

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1984

1974

1884

1962

Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be

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RS. 5,000

Rs. 4050

Rs.4500

Rs. 40,000

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

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