Question # 1

Cheque received but not deposited recorded in cash book is

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Cash column

Discount column

Bank column

None of these

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

Business debts are also called is

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Capital

Liabilities

Drawing

Assets

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

Trial balance is prepared to detect

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Errors of omission

Compensating errors

Errors of commission

Errors of principles

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

Any physical that has money value is

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Transaction

Asset

Intangible asset

Goodwill

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

Balance sheet is a statement of

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Assets

Both first

Liabilities

None of these

Carriage paid on purchase of furniture is a

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Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

Payment for freight on raw material purchased is called

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Capital payment

Deferred revenue payment

Revenue payment

None of these

Petty cash book is a book which record

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Assets

Liabilities

Large payments

Small payments

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

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

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

Outstanding expenses are also known as

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Prepared expenses

Accrued expenses

Un-earned income

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

The cost flow must match the

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Output

Outflow

Inflow

Workflow

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

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One month

Six month

One year

None

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

The objective of financial accounting is to ascertain:

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True results of profit

True results of loss

True results of profit or loss

None

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

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