Question # 1

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

Bookkeeping provides the

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primary information

secondary information

final information

insufficient information

Wages paid of installing a machine should be debited to

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Wages a/c

cash a/c

Machinery a/c

None of these

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Any difference in trial balance is transferred to

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sales account

nominal account

purchases account

suspense account

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

It is used to record only cash receipts and payments

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Single column cash book

Double column cash book

Treble column cash book

Sales book

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

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

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Cheque Book

Pass Book

Cash Book

Finance Book

All those expenses which have become due but not paid are called

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Accrued revenue

Prapaid revenue

Outstanding expenses

Advance expenses

The system of accounting in which accounting entries are made only when cash received or paid is known as

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Cash system

Accrual system

Mercantile system

Single system

Which of the following method is suitable for charging depreciation an machinery and furniture.

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Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

The persons to whom the goods are dispatched for the purpsoe of sales is called.

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Debtor

Consignee

Consignor

None of these

The amount paid to person who was invited to deliver a lecture in a club is known as.

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Hoorarium

Salary

Wages

None of these

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

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Share holder

Debenture holder

Under writer

Promoter

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

Value of the good will is calculated under capitalization formula.

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Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

In case of banking business, the numerb of persons must not exceed.

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Ten (10)

Twenty (20)

Tweinty five(25)

Fifty (50)

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

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Oversubscription

Under subscription

No subscription

None of these

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