Question # 1

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

Which of these is a fixed asset:

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Cash

Plant

Stock

Prepaid expenses

Bill receivable and debtor are

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Long term assets

Fictitious assets

Fixed assets

Current assets

Which of the following books is called book of original entry:

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Cash book

Journal

Ledger

Sales book

A bill of exchange is drawn by a

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Debtor

Holder

Creditor

None of these

Noting charges are paid when bill is

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Honoured

Discounted

Dishonoured

None of these

Transaction which is omitted from record is known as

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Errors of omission

Errors of principle

Errors of commission

Compensating errors

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

Any activity undertaken for the purpose of earning profit is called

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Dealing

Business

Performance

Duties

Which of the following account is increased by debit entries

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Capital A/c

Building A/c

Sales A/c

Purchase return A/c

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