Question # 1

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

Assets which have no physical existence are called

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Tangible assets

Fictitious assets

Liquid assets

Intangible assets

The time after which the bill is to be paid

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Grace Days

Tenor

Due Date

Extra Days

The capital profit should be transferred to:

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Profit and loss account

Trading account

Balance Sheet

Both Trading and profit and loss account and balance sheet

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

An expenditure, which is non-recurring and irregular is called

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Capital expenditure

Revenue expenditure

Short-term expenditure

Current expenditure

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

Income received in advance during the year is

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Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

When is a drawee is declared insolvent which account is to be debited in the books of drawer

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Deficiency a/c

Bad Debts a/c

Solvency a/c

None of these

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