| 1 |
Modern system of bookkeeping is |
- A. single entry system
- B. double entry system
- C. modern system
- D. none of these
|
| 2 |
A bill of exchange contains: |
- A. An unconditional order
- B. A promise
- C. A request
- D. A conditional order
|
| 3 |
For every debit, there is a credit |
- A. going concern concept
- B. dual aspect concept
- C. matching concept
- D. cost concept
|
| 4 |
A dealing between two persons is called a |
- A. business
- B. transaction
- C. purchases
- D. sales
|
| 5 |
Cash paid to Naeem will affect |
- A. cash & capital
- B. cash & creditor
- C. cash and debtors
- D. cash & goods
|
| 6 |
A copy of the customer's account in the bank's ledger is called: |
- A. Deposit statement
- B. Balance statement
- C. Bank statement
- D. Customer
|
| 7 |
According to accounting equation, capital is equal to |
- A. assets + liabilities
- B. expenses-incomes
- C. liabilities - assets
- D. assets - liabilities
|
| 8 |
Accounts relating to persons of firms are called: |
- A. Real accounts
- B. Proprietary accounts
- C. Personal accounts
- D. Nominal accounts
|
| 9 |
Error due to wrong allocation as expenditure between capital and revenue is regarded as: |
- A. Error of omission
- B. Error of principle
- C. Compensating errors
- D. Error of Commission
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| 10 |
The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are: |
- A. Error of principle
- B. Errors of omission
- C. Errors of commission
- D. Compensating error
|