Question # 1

The periodical total of purchases returns book is posted to

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Debit of returns outwards account

Credit of returns inwards account

Debit of returns inwards accounts

Credit of returns outwards account

An expenditure, which increases the utility or productive capacity of an asset is treated as

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Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

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

If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an

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Error of commission

Error of principle

Compensating error

Error of principle

Allowance for discount on account receivable is calculated on the amount of account receivable

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Before deducting the allowance for doubtful debts

Left after deducting the allowance for doubtful debts

Before deducting the actual bad debts

None of these

The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called

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Gross income

Net income

Revenue

Expenses

Profit & Loss a/c is prepared to ascertain

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Gross Profit

Net Profit

Gross Loss

Real Profit

Financial statement is prepared from the amount given in

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Trail balance columns

Adjustments columns

Cash columns

Adjusted trail balance columns

Errors which affect one account can be

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errors of principle

errors of posting

errors of omission

none of these

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Row form

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

Receipts and payments account shows

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Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

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

In case of retirement when the good will raised with retiring partner written off among the remaining partner.

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In gaiing ratios

Sacrifing ratios

Capital ratios

New ratio

The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.

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Sales account

Performa invoice

Account sales

None of these

As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.

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Realization loss

Profit ratio

Capital ratio

None of these

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

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

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

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