Question # 1

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

Suspense means

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certainty

uncertainty

surly

none of these

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

Interest on drawing is debited to

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Capital

Drawings

Sundry Creditors

Outstanding expense

Worksheet provides complete information for preparing

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Income statement

Position statement

Financial statement

Bank reconciliation statement

A bill from the point of view of a creditor is called a:

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Bill payable

Bill receivable

Bil acceptable

Bill rejectable

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

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Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

An expenditure which is incurred again and again is a:

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Capital expenditure

Future expenditure

Deferred expenditure

Revenue expenditure

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

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

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Expenses

Liabilities

Incomes

None of these

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

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