Question # 1

The accrued income or outstanding income will appear in the balance sheet as

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An expense

A liability

An asset

Both a & b

The money with which business is started is known as:

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Capital

Creditor

Income

Debtor

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

In double entry system of bookkeeping every business transaction affects:

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Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

A transaction is recorded on the same days as its takes place, so journal is also called:

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A day book

A history book

An entry book

Ledger book

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

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Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

Worksheet provides complete information for preparing

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Income statement

Position statement

Financial statement

Bank reconciliation statement

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

Gross profit equals to

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Net profit minus expenses

Sales minus closing stock

Purchases minus closing stock

Sales minus cost of goods sold

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

The gaining ratio are calculated on.

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Admissionof a partner

Death of a partner

Retirement of a partner

None of these

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

For the stock unsoled with the consignee wil the debited in the books of the consignor.

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Stock on consignment account

Consignment

Consignee account

None of the above

the activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

A situation where a company receives a application for a large 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

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

Opening capital is calculated by taking the difference between,

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Opening assets and closing assets

Opening assets and closing liabilities

Opening assets and Opening liabilities

Closing assets and closing liabilities

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