Question # 1

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

In three column cash book, discount column is

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Totaled

Balanced

Carry Forward

Both a and b

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

It is prepaid to determine the gross profit or gross loss

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Trading account

Profit or loss account

Balance sheet

None of these

The accounts of expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

When balance of suspense account has debit balance it will be shown in balance sheet on

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Liability side

Capital side

Asset side

Credit side

Errors of omission affects

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One account

Two account

Three account

None of these

Premium on issue of shares of a company represents

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capital loss

capital profit

capital payment

none of these

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

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