Question # 1

Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect

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purchases A/c

sales account

purchases, sales & Ali account

purchases & sales account

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

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

Assets which have no market value are called

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Wasting assets

Fictitious assets

Intangible assets

Tangible assets

Cash paid to Naeem will affect

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cash & capital

cash & creditor

cash and debtors

cash & goods

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

Accounting records of a business enterprise are required by

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management of the business

outsiders

all of the above

none of the above

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

Cost of goods sold is equal to

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sales - purchases

purchases + closing stock - returns outwards

Opening stock - closing stock + purchase + returns inwards

Opening stock + purchases - returns outwards - closing stock

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.

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Surplus

Deficit

Assets

Liabilities

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

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

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Debtors account

Creditors account

Sales book

Cash book

Both aspects of a transaction must be recorded in,

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Single entry system

Barter system

Double entry system

Islamic system

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

The maximum number of memebr in case of private limited comapny can be.

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Forty

Fifty

Sixty

No restriction on maximum number

Good will is

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Expense

Profit

Assets

Liability

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