Question # 1

An expenditure incurred in increasing the efficiency of a fixed asset is called:

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Revenue expenditure

Capital expenditure

Current expenditure

None of these

Allowance for discount on account receivable is calculated on the amount of account receivable

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Before deducting the allowance for doubtful debts

Left after deducting the allowance for doubtful debts

Before deducting the actual bad debts

None of these

When money is paid to a creditor or supplier a receipt is obtained from him which is called

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Cash voucher

Cash payment

Receipt voucher

Payment voucher

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

Cost of redecorating a cinema hall is a

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Capital expenditure

Capital loss

Revenue expenditure

None of these

Transaction are recorded data wise, so journal is also called:

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Entry book

Transaction book

Chronological book

Voucher

Accounting principles can be classified in

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three types

two types

five types

six types

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

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

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

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

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Sales account

Farid account

Cash account

Both a & b

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

The amount payable to the retiring partner is shown in the balance sheet of partnership as.

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Capital

Loan

Investment

Assets

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

If some proparty is owned jointly with out any attention to carry on a business it is called.

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Partnership

Co- ownership

Sole ownership

Agency

The credit balacne of the retained earnings statement represents.

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Undisturbed Profit

Divided declared

Profit distributed

None of these

In case of public company minimum number of members is.

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Six

Seven

Ten

Fifty

Registraion of the firm.

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It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

On the admission of a new partneer the decreasein the value of assets is debited to.

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

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