Question # 1

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

The modern system of book keeping is based on:

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Double account system

Single entry system

Single account system

Double entry system

Trial balance is prepared to detect

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Errors of omission

Compensating errors

Errors of commission

Errors of principles

Important types of ledger are

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General ledger

Proprietor ledger

Creditors ledger

General ledger & creditor ledger bot

Prepaid expenses are

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Expense

Liability

Asset

None of these

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

Bad debts are shown in the

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Trading A/c

None of these

Profit & Loss A/c

Both first

If more than two accounts are involved in one transaction the journal entry is called

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Simple entry

Skeleton entry

Compound entry

Double entry

Bank reconciliation is prepared by

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Bank

Creditors

Auditor

Accountant

The person to whom goods are sold on credit is called

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Seller

Creditor

Debtor

Buyer

Under perpetual inventory system stock taking is under taken at the

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Start of the accounting year

End of the accounting

Regular bases

None of above

Deferred liabilities are debts which are repayable less than ----------

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One month

Six month

One year

None

A cost whose magnitude will be affected by decision being made is called

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Historical cost

Relevant cost

Irrelevant cost

Sunk cost

Which ratio tells how many times in a year stock is used up and replaced?

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Gross profit ratio

Net profit ratio

Cost ratio

None of these

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

How many of grace are given?

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5

4

3

2

Work in process opening and closing inventory includes:-

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Arterial in process

Labour in process

F.o.H in process

All of the above

Dishonor of the bill occurs when:

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The drawer refuse to pay

The acceptor refuses to meet the bill on due date

The endorsee accepts to meet the bill

None

Doubtful debt are:

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Definite loss to the business

Definite profit to the business

Expected loss to the business

Expected profit to the business

What are accrued expenses?

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The expenses that have been incurred during current year and paid till the end of current year

The expenses that have been incurred previous year and paid in the current year

The expenses that have been incurred during current year and not paid till the end of current year

The expenses that have been incurred previous year and not paid till the end of current year

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