Question # 1

When cash is received from debtor or customer, generally a receipt is issued to the debtor which is called

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Payment voucher

Receipt voucher

Cash voucher

None of these

Error which affects profit and loss account relates to

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Nominal account

Property account

Personal account

None of these

Work sheet is also used as a source to prepare ______

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Financial statement

Income statement

Position statement

Bank reconciliation statement

Financial statement is prepared from the amount given in

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Trail balance columns

Adjustments columns

Cash columns

Adjusted trail balance columns

Goods purchased from Robin have been posted to Rahim account, it is an:

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Error of omission

Error of casting

Error of posting

Error of commission

Capital contributed by the partners is a:

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Revenue receipt

Capital receipt

Current receipt

Deferred receipt

The transaction for which non separate book is maintained are recorded in:

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Journal proper

Bills receivable book

Bills payable book

Cash book

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

A bill of exchange is drawn by

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Debtor

Creditor

Endorser

Endorsee

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

Unfavourable balance means

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Credit Balance in the Pass Book

Credit Balance in the Cash Book

Debit Balance in Bank Statement

Both b and c

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

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Realization account

Partners capital account

Assets account

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

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

The sum total of the nominal vaue of shares of company is called is.

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Issued capital

Subscribed capital

Share capital

Called up capital

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

Registered company is

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2

3

4

5

The amount payable to the retiring partner is shown in the balance sheet of partnership as.

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Capital

Loan

Investment

Assets

The maximum number of member in case of public limited company can be

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Forty

Fifty

Sixty

No restriction on maximum number

The balance of revalution account is transferred to the capital accounts of the partners in.

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Profit sharing ratios

Capital ratios

Equality

None of these

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