Question # 1

To any business bad debts is

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An asset

An Income

A loss

A liability

The modern system of book keeping is based on:

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Double account system

Single entry system

Single account system

Double entry system

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

For payment of bill of exchange grace days are

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2 days

3 days

5 days

4 days

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

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

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Trade discount

Rebate

Cash discount

None of these

Carriage paid on purchase of furniture is a

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Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

A bill of exchange is drawn by a

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Debtor

Holder

Creditor

None of these

Accounting is the language of

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Govt

Trade

Business

Commerce

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

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Expenses

Revenue

Capital

Drawings

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

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One month

Six month

One year

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

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

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

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

From the following statements which one is not true about over applied F.o.H

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Less from cost of goods sold at normal

Less from entire production if required

Add in gross profit if required

Less from Net profit.

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

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

Loss which arises due to ----------- is known as abnormal loss

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Breakage of goods

Leakage

Fire

Shrinkage

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

What are accrued expenses?

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The expenses that have been incurred during current year and paid till the end of current year

The expenses that have been incurred previous year and paid in the current year

The expenses that have been incurred during current year and not paid till the end of current year

The expenses that have been incurred previous year and not paid till the end of current year

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