Question # 1

If more than two accounts are involved in a journal entry it is called

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Double entry

Contra entry

Compound entry

Single entry

Which of the following books is called book of original entry:

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Cash book

Journal

Ledger

Sales book

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

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

Noting charges are paid when bill is

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Honoured

Discounted

Dishonoured

None of these

A bill of exchange is accepted by:

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Drawer

Payee

Drawee

Bank

Accounting is the language of

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Govt

Trade

Business

Commerce

Assets which come into existence upon the happening of a certain event are called

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Fictitious assets

Floating assets

Contingent assets

Dependent assets

Discount received is a

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Asset

Revenue

Liability

Expenses

Goods returned by a customer should be debited to

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Sales A/c

Customer A/c

Purchase A/c

Sales return A/c

Operating expenses represent

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G.P- Operative Exp

Selling + General Exp

Selling administrative Exp.D)

All of these

Doubtful debts are shown on:

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Profit side of statement of profit and loss

Liabilities side of balance sheet

Asset side of balance sheet

Not shown anywhere

Cost which is calculated before manufacture operation is called

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Sunk cost

Mixed cost

Standard cost

None of above

Per Unit cost is calculated by dividing the cost of goods sold by

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The number of units sold

The number of units purchase

The number of units manufactured

All of the above

Which one is non-manufacturing costs?

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Direct material cost

Labour cost

Research and development cost

All of above

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the above

Petty cash book is a book which record

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Assets

Liabilities

Large payments

Small payments

What is accumulated depreciation?

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Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

The price at which assets will be sold at the end of its useful life is known as:

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Scrap value

Residual value

Written down value

All of the above

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