Question # 1

Business debts are also called is

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Capital

Liabilities

Drawing

Assets

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

Any physical that has money value is

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Transaction

Asset

Intangible asset

Goodwill

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

The process of recording business transactions in the journal is called

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Posting

Classifying

Journalising

Entry

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

Noting charges are paid when bill is

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Honoured

Discounted

Dishonoured

None of these

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

Trail balance shows

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Complete accuracy

Arithmetical accuracy

Whole accuracy

Full accuracy

Carriage paid on goods purchased is a

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Direct expense

Opening expense

Indirect expense

General expense

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

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

The stages of accounting cycle are

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Transaction-ledger-journal-trial balance-final accounts

Transaction-journal-ledger-trial balance-final accounts

Transaction-journal-trial balance-ledger-final accounts

Transaction-journal-ledger-final accounts-trial balance

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

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Recognized

Not recognized

Paid

Received

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

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

Costs whose consumption may be identified with specific production units in called

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Direct labour cost

Indirect labour cost

Direct material cost

Indirect material cost

How many of grace are given?

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5

4

3

2

Trading account shows ----------- result.

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Net

Gross

Profit

Loss

In bill of exchange, the party who accepts a bill is known as:

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Drawer

Drawee

Payee

Third party

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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