Question # 1

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

All those expenses which have become due but not paid are called

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Accrued revenue

Prapaid revenue

Outstanding expenses

Advance expenses

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

Discount deducted from the catalogue or list price is called:

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Trade discount

Cash discount

Catalogue discount

Credit discount

Real accounts are related to:

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Assets

Expenses, losses and incomes

Customers, creditors

Incomes

The const concept applied only to the assets and not to:

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Expenses

Liabilities

Incomes

None of these

A bill from the point of view of a debtor is called

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Bill Acceptable

Bill Receivable

Bill Payable

None of these

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

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Rs. 20,00

Rs. 15,00

Rs. 25,00

Rs. 5,00

Error of principle arises when

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Any transaction is incorrectly recorded, either wholly or partially

Any transaction is left wholly or partially

Any transaction is affects one account

Any transaction is recorded in fundamentally incorrect manner

A document given by the seller to the buyer for credit sale of goods or assets is called

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Cash memo

Invoice

Voucher

None of these

Any expenditure incurred to increase the earning capacity of a business

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capital expenditure

capital loss

revenue loss

revenue expenditure

The expenditures which reduce revenue (profit) of the business are:

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

The gross amount of goods sold or services performed during an accounting period is known as

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Purchase

Sale

Gross profit

Net profit

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