Question # 1

Favourable bank balances means

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Credit balance of cash book

Debit balance of cash book

Debit balance of pass book

None of these

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

Trial balance is prepared to detect

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Errors of omission

Compensating errors

Errors of commission

Errors of principles

The entry which is recorded on the both sides of three column cash book is called

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Single entry

Compound entry

Double entry

Contra entry

Sales return is also called

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Return inward

Return to seller

Return outward

Return inward and return to seller both

Expenses paid in advance are called

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Prepaid expenses

Deferred expenses

Expired expenses

Both prepaid & expired expenses

The process of recording business transactions in the journal is called

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Posting

Classifying

Journalising

Entry

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

Business debts are also called is

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Capital

Liabilities

Drawing

Assets

The book meant for recording all cash transactions is called

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Purchase book

Cash book

Sales book

Pass book

Petty cash book is a book which record

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Assets

Liabilities

Large payments

Small payments

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

Which one is non-manufacturing costs?

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Direct material cost

Labour cost

Research and development cost

All of above

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

How many of grace are given?

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5

4

3

2

Treble column cash book has three columns of:

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Cash, bank and discount

Income, expense and bank

Cash, bank and profit or loss

None

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

Sales prices is calculated as follow:-

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Cost + operating expense

Direct material + Direct labour + F.o.H

Cost + operating expenses + profit

None of above

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called

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Future cost

Replacement cost

Imputed cost

Sunk cost

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