Question # 1

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

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Trade discount

Rebate

Cash discount

None of these

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

The book in which small payments like refreshment tissues etc are recorded is called

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Main cash book

Cash account

Petty cash book

Both main cash book & petty cash book

Compound entry affected at least

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Two account

One account

Three account

Four account

Sales return is also called

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Return inward

Return to seller

Return outward

Return inward and return to seller both

Cheque received but not deposited recorded in cash book is

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Cash column

Discount column

Bank column

None of these

The book meant for recording all cash transactions is called

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Purchase book

Cash book

Sales book

Pass book

Payment for freight on raw material purchased is called

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Capital payment

Deferred revenue payment

Revenue payment

None of these

Favourable bank balances means

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Credit balance of cash book

Debit balance of cash book

Debit balance of pass book

None of these

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

If spoiled goods are considered a normal part of production process than debit to

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Work in process

General expense

F.o.H control

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

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

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General ledger

Head office ledger

Factory ledger

None of these

Depreciation is a loss due to wear and tear of an asset.

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Correct

Incorrent

May be

None

Under perpetual inventory system stock taking is under taken at the

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Start of the accounting year

End of the accounting

Regular bases

None of above

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

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

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Drawer

Drawee

Payee

Third party

Provision of doubtful debts are also known as:

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Allowances for uncollectable

Allowances for collectable

Bad debts

None

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

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

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