Question # 1

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

Wages paid for installing a machine should be debited to

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Wages a/c

Cash a/c

Machinery a/c

none of these

The margin that is available to cover the other expenses for a period and to yield net income is known as

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Net profit

Gross profit

Net sales

Cost of goods sold

Error of principle involves an incorrect allocation of expenditure or receipt between.

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Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

A basis of business languages

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accounting

bookkeeping

transaction

cost accounting

Cost of redecorating a cinema hall is a

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Capital expenditure

Capital loss

Revenue expenditure

None of these

The bad debts which are showed in the trial balance are called

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new bad debts

old bad debts

further bad debts

additional bad debts

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

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

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

A company comes into existence when the registrar issue the

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Prospectus

Certificate of incorporation

statement in Lieu of prospectus

Companies ordinance

In the absence of an agreement partners shall

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Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.

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Salary

Wages

Profit

Commission

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

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