Question # 1

Favourable bank balances means

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Credit balance of cash book

Debit balance of cash book

Debit balance of pass book

None of these

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

Operating expenses represent

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G.P- Operative Exp

Selling + General Exp

Selling administrative Exp.D)

All of these

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

Accounting principle are generally based on

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Theory

Subjectively

Practicability

None of these

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

The book in which small payments like refreshment tissues etc are recorded is called

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Main cash book

Cash account

Petty cash book

Both main cash book & petty cash book

Any activity undertaken for the purpose of earning profit is called

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Dealing

Business

Performance

Duties

The science and art of correctly recording business dealing in a set of books is called

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Book keeping

Auditing

Accounting

Recording

Carriage paid on goods purchased is a

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Direct expense

Opening expense

Indirect expense

General expense

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