Question # 1

Accounting principle are generally based on

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Theory

Subjectively

Practicability

None of these

Which of these accounts is increased by credit entries:

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Machinery A/c

Rent A/c

Sales A/c

Purchase A/c

The person to whom goods are sold on credit is called

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Seller

Creditor

Debtor

Buyer

Balance sheet is a statement of

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Assets

Both first

Liabilities

None of these

The science and art of correctly recording business dealing in a set of books is called

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Book keeping

Auditing

Accounting

Recording

Trial balance is prepared to detect

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Errors of omission

Compensating errors

Errors of commission

Errors of principles

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

Bank reconciliation represents

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Ledger

Statement

Journal

Both ledger and statement

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

Bill receivable and debtor are

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Long term assets

Fictitious assets

Fixed assets

Current assets

Loss which arises due to ----------- is known as abnormal loss

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Breakage of goods

Leakage

Fire

Shrinkage

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

Compound entry is an entry in which:

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More than one account is debited

More than one account is credited

Both a and b are correct

None of the above

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

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

According to possible for an event or transaction which is not measurable in terms of money

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True

False

May be

None

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

Accounting is the

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Art

Science

Both

None

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

Section of the business to which cost can be charged is termed as

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Cost driver

Cost center

Cost unit

All of above

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