Question # 1

In journalizing the page numbers of the ledgers are written in:

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The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

Accounting records of a business enterprise are required by

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management of the business

outsiders

all of the above

none of the above

Which cash is paid or received in an exchange the transaction is called:

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Sale transaction

Cash transaction

Credit transaction

None of the above

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

Net profit is always

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Equal to gross profit

more than gross profit

Less than gross profit

None of these

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

The cash book is a book of

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Compound entry

Original entry

Final entry

Simple entry

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

Goods purchased from Robin have been posted to Rahim account, it is an:

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Error of omission

Error of casting

Error of posting

Error of commission

It is prepared to determine the net profit or net loss

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Trading account

Profit or loss account

Cash book

Balance sheet

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

A person who purchases the share of the company becomes its.

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Share holder

Debenture holder

Under writer

Promoter

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

Cash book is prepared to find out the figure of.

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Opening capital

Crosing cash balance

Net profit

Finaincial position

Gaining ratios are equal to.

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New Ratio - Old ratio

Old ratio- New ratio

New Ratio + old ratios

Capital ratios- New Ratios

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

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Bonus

Commission

Del creder commision

Credit commission

Kind of company is.

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2

3

4

5

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

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Memorandum of association

Article of association

Prospectus

None of he above

Goods sent on consignment should be debited int he books of the consignor.

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Consignee account

Consignment account

Goods sen ton consignment

Consignor account

The charter of the company containing the objects of whihc for company is being formed is called.

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Articles of association

Prospectus

Memorandum of associaton

Notice

Partnership is formed by the partners.

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Written agreement

Mutual consent

Verbal agreement

None of these

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