Question # 1

A ______ is a large columnar sheet of paper

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Worksheet

Balance sheet

Journal

None of these

Assets which have no market value are called

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Wasting assets

Fictitious assets

Intangible assets

Tangible assets

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

A statement which is prepared to know the financial position of a business on a particular date, is called

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Balance sheet

Statement of condition

Position statement

All of above

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

Which book is used to record all credit purchases?

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Purchases book

Purchases book return

Cash book

Debit note book

An expenditure incurred to the increases the profit earning of the concern is a:

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Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

A cash account always shows

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Debit balance

Credit balance

Both debit and credit balance

Nil balance

Financial statement is prepared from the amount given in

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Trail balance columns

Adjustments columns

Cash columns

Adjusted trail balance columns

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

A situtation where a company receives a application for a less number of shares than offered to the public for subscription is termed as.

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Under subscription

Over subscription

General subscription

Above subscription

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

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 shares of public limited company are.

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Not refundable

Not tanserable

Transferable

No allotable

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

When the goods sent on consignment are sold by the consignee the account to be debited is.

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Cash account

Consignee personal account

Consignment account

None of these

If some proparty is owned jointly with out any attention to carry on a business it is called.

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Partnership

Co- ownership

Sole ownership

Agency

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

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