Question # 1

To any business bad debts is

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An asset

An Income

A loss

A liability

The discount which is calculated on list price of goods is called

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Trade discount

Rebate

Cash discount

None of these

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

A bill of exchange is drawn by a

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Debtor

Holder

Creditor

None of these

Cash purchases are recorded in large organizations in

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Purchase day book

General journal

Purchase journal

Cash book

The amount of cash or goods with drawn by the proprietor for personal use is called:

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Expenses

Revenue

Capital

Drawings

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

Which of theses assets is an intangible asset

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Building

Cash

Furniture

Good will

Preliminary Exp.Incurred for formation of Joint Stock Company represent.

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Capital loss

Capital Exp.

Revenue loss

Deferred Revenue Exp

Goodwill is ----------- for company.

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Intangible asset

Fixed asset

Current asset

Quick asset

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

According to possible for an event or transaction which is not measurable in terms of money

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True

False

May be

None

What is negotiable instrument?

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A document which is not transferable

A document which is transferable

A document which is accepted

None

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

What is amortization?

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Decrease in the value of fixed assets

Decrease in the value of intangible assets

Increase in the value of fixed assets

Increase in the value of intangible assets

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

Cost which is calculated before manufacture operation is called

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Sunk cost

Mixed cost

Standard cost

None of above

Statement of a affairs is a sort of -----------

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Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

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

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