Question # 1

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

At the time of drawing a bill the drawer credits:

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Debtors account

Creditors account

bill receivable account

Suppliers account

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

The book in which all cash transaction are primarily recorded is called

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Pass book

Cheque book

Finance book

Cash book

Bill receivable account is a:

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Nominal account

Personal account

Real account

Expenses account

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

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

Record of business transaction in the journal is called

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Detail

Summary

Narration

Entry

General reserve at the time of admission of anew partner is credited.

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

Kind of company is.

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2

3

4

5

The amount of good will broght in cash by nw partner will be credited to old partner in.

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Gaining Ratio

New Ratio

Old Ratio

Sacrifice Ratio

In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.

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Consignor

purchaser

Consignee

None of these

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

Account salesis submitted by.

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Teh consignor to the consignee

The consignee to the consignor

the debtor to the creditors

The principle to his agent

Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be

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RS. 5,000

Rs. 4050

Rs.4500

Rs. 40,000

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

In the absence of an agreement partners shall

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Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

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