Question # 1

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

A bill of exchange contains:

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An unconditional order

A promise

A request

A conditional order

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

The effect of drawing on accounting equation is

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decrease in assets and decrease in liabilities

increase in both assets & liabilities

decrease in assets and increase in capital

none of these

How many categories of accounts are

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two

three

four

five

A dealing between two persons is called a

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business

transaction

purchases

sales

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

The accounts of expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

Accounting records of a business enterprise are required by

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management of the business

outsiders

all of the above

none of the above

According to accounting equation, capital is equal to

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assets + liabilities

expenses-incomes

liabilities - assets

assets - liabilities

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

Cash paid to Naeem will affect

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cash & capital

cash & creditor

cash and debtors

cash & goods

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

Goods returned by customers are

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purchases

purchases returns

sales returns

sales

Disagreement in balances may arise owing to mistake or mistakes in the:

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Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

A basis of business languages

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accounting

bookkeeping

transaction

cost accounting

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