Question # 1

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

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Expenses

Revenue

Capital

Drawings

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

Which of the following account is increased by debit entries

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Capital A/c

Building A/c

Sales A/c

Purchase return A/c

Carriage paid on goods purchased is a

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Direct expense

Opening expense

Indirect expense

General expense

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

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 these is a fixed asset:

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Cash

Plant

Stock

Prepaid expenses

The book meant for recording all cash transactions is called

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Purchase book

Cash book

Sales book

Pass book

Balance sheet is a statement of

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Assets

Both first

Liabilities

None of these

Noting charges are paid when bill is

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Honoured

Discounted

Dishonoured

None of these

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

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Trade bills

Bill of exchange

In-land bills

Foreign bills

Which one is not a classification according to the accounting period?

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

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

Outstanding expenses are also known as

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Prepared expenses

Accrued expenses

Un-earned income

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

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

The cost flow must match the

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Output

Outflow

Inflow

Workflow

How many branches are there in accounting?

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1

3

2

4

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

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 technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

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