Question # 1

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

Work sheet is also used as a source to prepare ______

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Financial statement

Income statement

Position statement

Bank reconciliation statement

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

When the goods are returned to the suppliers, an intimation is sent to them is called

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Currency note

Invoice

Debit note

Credit note

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

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Posting

Casting

Compensating

Recording

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

Transportation cost paid for the purchases of Machinery must be debited to

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Transportation cost account

Purchases account

Machinery account

Cash account

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

If the price required to be paid to the company for the share is equal to the nominal value of that share it is called.

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At discount

At premium

At par

None of these

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

The rules and regulation foverning the internal management and administration of the company are called.

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Memorandum of assocaition

Articles of association

Prospectus

None of these

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

The dividend paid to the shareeholders duirng the financial year is.

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Redeemable debentures

Irredeemable debentures

Repayable debebtures

None of these

In consginee's books the payment of expense by consignee should be debited to

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Consignment account

Consignnors account

Cash account

None of these

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

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Single , entery system

Accrual system

Double enterysystem

Cash system

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

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Oversubscription

Udner subscription

No subscripition

None of these

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