Question # 1

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

The system of accounting in which accounting entries are made only when cash received or paid is known as

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Cash system

Accrual system

Mercantile system

Single system

Which of the following discloses the financial position of the business:

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Trading account

Profit and loss account

Profit and loss appropriation account

Balance sheet

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

Receipts, which are non-recurring by nature, are called

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revenue receipts

current receipts

capital receipts

capital profit

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

Expired cost of fixed assets means

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Appreciation

Amortization

Depreciation

None of these

All the transactions related to credit sales are recorded in

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Sales returns book

Sales book

Cash book

Credit note book

The person to whom bill is transferred will become

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Endorser

Creditor

Debtor

Endorsee

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

Financial statement is prepared from the amount given in

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Trail balance columns

Adjustments columns

Cash columns

Adjusted trail balance columns

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

The extra amount charged fromt he new partner over and above the capital is for.

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Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

A person who purchases the share of the company becomes its.

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Share holder

Debenture holder

Under writer

Promoter

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

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

The person who take the initaiative in the matter of formation of a company are known as the.

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Promoters

Share holder

Director

Registered

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

Under annuity method the amount of depreciation is.

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Increasing every year

Decreasing every year

Fixed for all the year

None of these

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

None of these

The Closing Capital is worked out by preparing the.

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Opening statement of affair

Closing statement of affiar

Cash book

Balance sheet

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