Question # 1

The money can be deposited into bank by means of

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Cash book

Cheque book

Pay-in-slip book

Pass book

In the preparation of worksheet the amounts in the trail balance are taken directly form the ______

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Ledger

Trail balance

Balance sheet

None of these

The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

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Balance sheet columns

Income statement columns

Cash columns

Bank columns

Bank Reconciliation represents

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A Journal

A Ledger

A Statement

both a and c

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

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Accrued revenue

Prapaid revenue

Outstanding expenses

Advance expenses

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

When money is paid to a creditor or supplier a receipt is obtained from him which is called

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Cash voucher

Cash payment

Receipt voucher

Payment voucher

If any income omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

having no effect on profit

All the bills given to the creditors are recorded in

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Creditor's book

Bills payable book

Bills receivable book

Bank book

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

Which one of the following in used to simplify work, to be done at the end of period

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Balance sheet

Income sheet

Bank statement

Work sheet

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

In case of retirement of a partners full good will is credited to the account of.

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Only retring partner

Only remaining partners

All partners

None of these

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

Registraion of the firm.

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It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

Depreciation is

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An Income

An expense

A loss

A liability

The gradual decrease in the value of the fixex assets due to its use in the business is called.

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Depreciation

Depletion

Amorization

Fluctuation

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

A statement of assets and liabilities is prepared under the single entery system is called.

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Balance sheet

Financial statement

Statement of affair

Cash transaction

Under which method the book value of the fixed assets acn be reduce to zero after certain year

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Diminishing balance method

Straght line method

Depreciation find fond

Deflation method

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

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