| 1 |
Accounting records of a business enterprise are required by |
- A. management of the business
- B. outsiders
- C. all of the above
- D. none of the above
|
| 2 |
Disagreement in balances may arise owing to mistake or mistakes in the: |
- A. Cash book only
- B. Bank statement
- C. Cash book or bank statement
- D. Bank column of the cash book only
|
| 3 |
Which of the following discloses the financial position of the business: |
- A. Trading account
- B. Profit and loss account
- C. Profit and loss appropriation account
- D. Balance sheet
|
| 4 |
According to accounting equation, capital is equal to |
- A. assets + liabilities
- B. expenses-incomes
- C. liabilities - assets
- D. assets - liabilities
|
| 5 |
A bill of exchange contains: |
- A. An unconditional order
- B. A promise
- C. A request
- D. A conditional order
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| 6 |
Cash paid to Naeem will affect |
- A. cash & capital
- B. cash & creditor
- C. cash and debtors
- D. cash & goods
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| 7 |
An expenditure incurred to the increases the profit earning of the concern is a: |
- A. Revenue expenditure
- B. Current expenditure
- C. Capital receipt
- D. Capital expenditure
|
| 8 |
When cash is paid to creditors it will decrease |
- A. cash
- B. capital
- C. debtor
- D. cash & creditors
|
| 9 |
Modern system of bookkeeping is |
- A. single entry system
- B. double entry system
- C. modern system
- D. none of these
|
| 10 |
The accounts of expenses, incomes, losses and gains |
- A. real accounts
- B. valuation accounts
- C. nominal accounts
- D. personal accounts
|