Question # 1

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

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Credit Balance

Debit Balance

Balancing

Zero Balance

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

The favorable balance of bank statement is

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Credit balance

Debit balance

Zero balance

All of these

Any mistake in ledger can be easily detected with the help of:

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Journal

Balance sheet

Trial balance

Financial statement

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense account

.The cash book is a

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Subsidiary journal

Ledger account

Subsidiary journal and ledger

Trial balance

Net profit is always

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Equal to gross profit

more than gross profit

Less than gross profit

None of these

When the goods are returned to the suppliers, an intimation is sent to them is called

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Currency note

Invoice

Debit note

Credit note

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

In case of retirement when the good will raised with retiring partner written off among the remaining partner.

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In gaiing ratios

Sacrifing ratios

Capital ratios

New ratio

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

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

Debentures holders are.

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Creditors of the company

Owners of the company

Customer of the company

None of these

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

In the books of consignor, the loss on the consignment should be crediterd to.

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Consignment account

Consigneee 's account

Profit and loss account

Gppds sent on consignemnt

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

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