Question # 1

The gross amount of goods sold or services performed during an accounting period is known as

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Purchase

Sale

Gross profit

Net profit

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

In case of a debt becoming bad, the amount should be credited to

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Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

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

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

The debts, which are irrecoverable from the debtors, are called

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Debts

Doubtful debts

Bad debts

Good debts

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

The transaction for which non separate book is maintained are recorded in:

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Journal proper

Bills receivable book

Bills payable book

Cash book

If any income omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

having no effect on profit

Double entry means

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entry in two sets of books

entry at two dates

entry for two aspects of a transaction

recording twice in journal

Consignment signifies.

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Goods despatched by the owner to his agent

Goods forwarded by the creditor to his debtor

Goods forwarded from one place to another

Goods sent by the owner to his agent for the purpose of sale.

A situation where a company receives a application for a large number of shares than offered to the public for subscription is termed as.

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Under subscription

Over subscription

General subscription

Above subscription

Bills payable issued durint the period must be debited to total creditors account credited to.

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Bills payable account

Bills receivable account

Debtora account

Cash account

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

If all the partners but one is solvent it is.

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Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

Depreciation is charged on.

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Fixed tangible assets only

Fixex intangible assets only

Current assets only

None of these

Closing capital in single entry system is calculated by preparing,

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Opening statement of affairs

Closing statement of affairs

Opening balance sheet

Closing balance sheet

Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.

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Realization account

Revalution account

Debtors account

None of these

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

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