Question # 1

Goods returned by customers are

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purchases

purchases returns

sales returns

sales

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 the balance of suspense account is credit then it will be shown in balance sheet on

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Asset side

Asset and liability side

Asset and capital side

Capital and liability side

When cash is withdrawn from the bank for the personal use of the owner, must be debited to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

If a liability is recorded as income, it will be considered as

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Error of commission

Error of omission

Error of Principle

None of these

کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں

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قانون تقلیل افادہ مختتم

قانون مساوی افادہ مختتم

قانون طلب

قانون تقلیل حاصل

Credit Balance of pass book must be equal to debit balance of

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Cash Book

Bank Ledger

Clients other Account

None of these

The favorable balance of bank statement is

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Credit balance

Debit balance

Zero balance

All of these

Which one of the following in used to simplify work, to be done at the end of period

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Balance sheet

Income sheet

Bank statement

Work sheet

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

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

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

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Errors of omission

Compensating errors

Errors of commission

Errors of principle

The favorable balance of cash book bank column is

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Credit balance

Debit balance

Both debit and credit balance

None of these

Narration is always written:

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Above each entry

Below each entry

Between of each entry

None of these

The transactions, the effect of which is not exhausted with in the current accounting year are called

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Revenue transaction

Capital transaction

Current transaction

Monetary transaction

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

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