Question # 1

The amount invested by the owner in the business to produce revenue is known as

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Income

Asset

Capital

Liability

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

paid to Nadeem cash Rs. 5000 and a cheque for Rs. 4800 in full settlement of his dued Rs. 10000 should be credited to

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Cash account

Bank account

Discount received account

All of these

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

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Errors of omission

Compensating errors

Errors of commission

Errors of principle

Unfavorable balances mean

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Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

When a drawer discounts a bill, he debits

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Bank Account

Interest Account

Drawee Account

Bill Receivable Account

Wages paid for the erection of machine debited to wages account is an example of

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Error of omission

Error of commission

Error of principle

None of these

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

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Increase the net profit

Decrease the net profit

Have double effect on net profit

Have no effect on net profit

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

Work sheet is also used as a source to prepare ______

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Financial statement

Income statement

Position statement

Bank reconciliation statement

In the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment account

None of these

Arithmetical accuracy of the books of accounts cannot be checked under.

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Single Entry system

Double entery system

None entery system

Both a and b

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

The excess of total assets over total liabilituies of a concern is called.

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Surplus

Deficit

Capital fund

Profit

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

Account salesis submitted by.

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Teh consignor to the consignee

The consignee to the consignor

the debtor to the creditors

The principle to his agent

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

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

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

If the price required to be paid to the company for the share less than the nominal value of that share, it is called shares.

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At discount

At primium

At par

None of these

Share applicaton account is in the nattur eof.

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Real account

Personal account

Nominal account

None of the above

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