Question # 1

It is used to record only cash receipts and payments

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Single column cash book

Double column cash book

Treble column cash book

Sales book

If a transaction has been completely omitted from the Journal it will be considered

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Error of commission

Error of principle

Error of omission

None of these

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

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Sales account

Farid account

Cash account

Both a & b

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary Account

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

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

The statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

The most exhaustive cash book is

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Petty Cash Book

Single Column Cash Book

Double Column Cash Book

Treble Column Cash Book

Allowance for doubtful debts normally has a

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Debit balance

Credit balance

Both debit & credit balance

None of these

The body of worksheet contains

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Two pairs of money column

Three pairs of money column

Four pairs of money column

Five pairs of money column

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

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

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

The rules and regulation foverning the internal management and administration of the company are called.

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Memorandum of assocaition

Articles of association

Prospectus

None of these

The credit balacne of the retained earnings statement represents.

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Undisturbed Profit

Divided declared

Profit distributed

None of these

In case of banking business, the numerb of persons must not exceed.

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Ten (10)

Twenty (20)

Tweinty five(25)

Fifty (50)

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

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Bonus

Commission

Del creder commision

Credit commission

General reserve at the time of admission of anew partner is credited.

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

Amount of to the out going partner is shown in the balance sheet as his.

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Liability

Loan

Capital

Assets

Depreciation arise because of

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Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

Profit and loss on revalution at the time of retirement must be transerred to the partners in.

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Capital ratio

Old prifit sharing ratio

New profit sharing ratio

Gaining ratio

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