Question # 1

A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called

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Position statement

Statement of condition

Financial statement

Bank reconciliation statement

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

A bill of exchange is drawn by

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Debtor

Creditor

Endorser

Endorsee

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

An expenditure incurred to the increases the profit earning of the concern is a:

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Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

Patent is an example of

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Assets

Liabilities

Income

Expense

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

None of these

When money is paid to a creditor or supplier a receipt is obtained from him which is called

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Cash voucher

Cash payment

Receipt voucher

Payment voucher

Retiring a bill under rebate means:

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Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

The person to whom bill is transferred will become

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Endorser

Creditor

Debtor

Endorsee

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