Question # 1

Bad debts are shown in the

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Trading A/c

None of these

Profit & Loss A/c

Both first

Accounting is the language of

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Govt

Trade

Business

Commerce

Sales return is also called

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Return inward

Return to seller

Return outward

Return inward and return to seller both

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

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Cash book

Journal

Ledger

Sales book

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

Transaction which is omitted from record is known as

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Errors of omission

Errors of principle

Errors of commission

Compensating errors

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

Balance sheet is a statement of

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Assets

Both first

Liabilities

None of these

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

Accounting is called of business:

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Heart

Ear

Tongue

Eye

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

What is accounting period?

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It is a time for which business prepares its financial statements

It is time for which business prepares its profit and loss statement

It is a time for which business prepares its balance sheet

None

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

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

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

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One month

Six month

One year

None

Lead time is the time between the time on item reaches --------------- and ---------- of

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Order level, dispatch of material

Order level, maximum level

Maximum level, minimum level

Order level, actual receipt

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

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

If spoiled good are considered as abnormal part of production process then debited to

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Work in process

General expense

F-o-H control

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 not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

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