Question # 1

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

Which one of the following is appeared in the balance sheet ?

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revenue expenditure

capital expenditure

deferred revenue

both b,c

In case of a debt becoming bad, the amount should be credited to

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Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

Error of principle arises when

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Any transaction is incorrectly recorded, either wholly or partially

Any transaction is left wholly or partially

Any transaction is affects one account

Any transaction is recorded in fundamentally incorrect manner

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

An expenditure, which is completely exhausted with in the current accounting period is known as

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Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

The Principle book of accounts is

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Journal

Ledger

Trial Balance

Balance Sheet

Allowance for doubtful debts normally has a

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Debit balance

Credit balance

Both debit & credit balance

None of these

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

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Single , entery system

Accrual system

Double enterysystem

Cash system

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

The retired is one who has

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Died

Withdraw his capital

Bought his capital

Decreases his capital

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

Abnormal loss arises due to.

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Natural causes

Evaporation drying breaking in bulk

Pilferage , theft fire etc.

Some unavoidable causes

The profit earned prior to the date of incorporatin is.

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Revenue profit

Capital profit

Capital gain

Revenue gain

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