Question # 1

Assets come into existence upon the happening of a certain event, are called:

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Fixed assets

Fictitious assets

Floating assets

Contingent assets

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:

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Rs.10,000

Rs.20,000

Rs,30,000

Rs. 40,000

______ is prepared to avoid errors in the permanent records of accounting

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Work sheet

Ledger

Bank statement

Balance sheet

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

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

Bad debts recovered from debtors should be credited to

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Debtors a/c

Bad debts a/c

Bad debts recovered a/c

Cash a/c

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

Error of posting effects:

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One account

Two accounts

Three accounts

Four accounts

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

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

The parties involves in the consignment are.

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Two

Three

Four

Five

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

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Cash account

Consignor 's personal account

Consignment account

None of these

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

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

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Memorandum of association

Article of association

Prospectus

None of he above

Those debentures which carry no security as to payment of interest or repayment of principal, are known as.

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Morgagage debentures

Secured debentures

Simple of naked debentures

None of these

Depreciation fund method is also known as.

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Sinking fund method

Annuity method

Sum- of year's digit method

None of these

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

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Capital ratios

Profit sharing ratios

Equal ratios

None of these

The debentures which are payable to bearere, are termed as.

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None transfereble

Registered debentures

Bearer debentures

Non - bearere debentures

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

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