Question # 1

All those expenses which are incurred to convert raw-materials into finished goods are called:

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Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

In the preparation of worksheet the amounts in the trail balance are taken directly form the ______

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Ledger

Trail balance

Balance sheet

None of these

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

The periodical total of purchases returns book is posted to

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Debit of returns outwards account

Credit of returns inwards account

Debit of returns inwards accounts

Credit of returns outwards account

All the transactions related to credit sales are recorded in

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Sales returns book

Sales book

Cash book

Credit note book

Loss of good by fire should be credited to:

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Purchase account

Sales account

Loss by goods by fire account

Capital account

The credit purchases were wrongly recorded in sales book, the rectification of entry

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Increase the net profit by double amount

Decrease the net profit by double amount

Decrease the net profit

Increase the net profit

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

A bill of exchange is drawn by

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Debtor

Creditor

Endorser

Endorsee

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position statement

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

None of these

It is used to record only cash receipts and payments

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Single column cash book

Double column cash book

Treble column cash book

Sales book

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

Allowance for doubtful debts normally has a

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Debit balance

Credit balance

Both debit & credit balance

None of these

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

Income tax paid is a

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Business Expense

Business Revenue

Business Liability

Personal Expense

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