Question # 1

A bill of exchange is drawn by:

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A debtor

A creditor

A holder

Endorsee

Bad debts are business

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Expenses

Liabilities

Assets

Revenue

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

Which of the following discloses the financial position of the business

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Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

Error which affects profit and loss account relates to

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Nominal account

Property account

Personal account

None of these

Which one of the following is a direct expense?

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Custom duty

Carriage

Wages

All of above

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

When cash is received from debtor or customer, generally a receipt is issued to the debtor which is called

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Payment voucher

Receipt voucher

Cash voucher

None of these

Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to

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Cash account

Discount allowed account

Bank account

Both a & b

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

The revenue that has not become due, but received in cash in current year is known as

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Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

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

Worksheet provides complete information for preparing

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Income statement

Position statement

Financial statement

Bank reconciliation statement

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

Deprecation is

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A Liability

A loss

An expense

Both b & c

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

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