Question # 1

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

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

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

Preliminary expenses paid in the formation of a company is a

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Capital expenditure

Deferred expenditure

Revenue expenditure

Capital loss

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

It is prepaid to determine the gross profit or gross loss

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Trading account

Profit or loss account

Balance sheet

None of these

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

In the absence of an agreement, the share of new partner in patnership will be.

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In the portion of capital

Equal

According to work

None of the above

Under which method the book value of the fixed assets acn be reduce to zero after certain year

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Diminishing balance method

Straght line method

Depreciation find fond

Deflation method

The amount of assets may rise of fell on account of.

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Depreciation

Fluctuation

Depletion

Amortization

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

The person who take the initaiative in the matter of formation of a company are known as the.

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Promoters

Share holder

Director

Registered

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

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

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

All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to

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Single entry system

Double entry system

Treble entry system

"a" and "b"

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

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

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