| 1 |
If the error committed in the capital account, it will affect |
- A. trading account
- B. profit & loss account
- C. trading and profit & loss account
- D. balance sheet
|
| 2 |
Error of posting effects: |
- A. One account
- B. Two accounts
- C. Three accounts
- D. Four accounts
|
| 3 |
Raw material destroyed in fire represents |
- A. capital loss
- B. revenue loss
- C. normal loss
- D. both b, c
|
| 4 |
The revenue profit should be transferred to: |
- A. Balance sheet
- B. Trading account
- C. Profit and loss account
- D. None of these
|
| 5 |
Capitalized expenditures are shown in |
- A. trading A/c
- B. profit & loss A/c
- C. income statement
- D. balance sheet
|
| 6 |
Any difference in trial balance is transferred to |
- A. sales account
- B. nominal account
- C. purchases account
- D. suspense account
|
| 7 |
Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will. |
- A. Increase the net profit
- B. Decrease the net profit
- C. Have double effect on net profit
- D. Have no effect on net profit
|
| 8 |
Capital contributed by the partners is a: |
- A. Revenue receipt
- B. Capital receipt
- C. Current receipt
- D. Deferred receipt
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| 9 |
The capital profit should be transferred to: |
- A. Profit and loss account
- B. Trading account
- C. Balance Sheet
- D. Both Trading and profit and loss account and balance sheet
|
| 10 |
Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect |
- A. purchases A/c
- B. sales account
- C. purchases, sales & Ali account
- D. purchases & sales account
|