Question # 1

The process of totaling the data at the end of the period is called

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posting

casting

compensating

recording

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

When cash is withdrawn from the bank for the personal use of the owner, must be debited to

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Cash account

Bank account

Drawings account

Capital account

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

A bill from the point of view of a creditor is called a:

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Bill payable

Bill receivable

Bil acceptable

Bill rejectable

The effect of drawing on accounting equation is

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decrease in assets and decrease in liabilities

increase in both assets & liabilities

decrease in assets and increase in capital

none of these

Bad debts are business

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Expenses

Liabilities

Assets

Revenue

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

The revenue that has not become due, but received in cash in current year is known as

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Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

Cost of goods sold is equal to

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sales - purchases

purchases + closing stock - returns outwards

Opening stock - closing stock + purchase + returns inwards

Opening stock + purchases - returns outwards - closing stock

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

Any activity undertaken for the purpose of earning profit is called:

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Performance

Dealing

Business

Duties

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

Wages paid of installing a machine should be debited to

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Wages a/c

cash a/c

Machinery a/c

None of these

When a Bill is dishonoured, the holder of the bill goes to an official called

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Inspector

Notary Public

Drawer

Manager

The balance of the 'Caha Column' in cash book is always:

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Debit balance

Credit balance

Both debit and credit balance

None of the above

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