Question # 1

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

The amount of salaries paid to javed should be credited to

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Javed A/c

Cash A/c

Salaries A/c

None of these

Petty cash book is a branch of

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Pass book

Journal

Cash book

Ledger

Important types of ledger are

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General ledger

Proprietor ledger

Creditors ledger

General ledger & creditor ledger bot

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

The book meant for recording all cash transactions is called

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Purchase book

Cash book

Sales book

Pass book

Preliminary Exp.Incurred for formation of Joint Stock Company represent.

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Capital loss

Capital Exp.

Revenue loss

Deferred Revenue Exp

Discount received is a

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Asset

Revenue

Liability

Expenses

The purchase of machinery on account would:

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Increase one asset and decrease another asset

Increase an asset and decrease liability

Increase an asset and increase capital

Increase an asset and increase a liability

Carriage paid on purchase of furniture is a

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Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

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