Question # 1

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

The system of accounting in which accounting entries are made only when cash received or paid is known as

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Cash system

Accrual system

Mercantile system

Single system

Goods purchased from Robin have been posted to Rahim account, it is an:

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Error of omission

Error of casting

Error of posting

Error of commission

Gross profit is derived from

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Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

The debts, the recovery of which is uncertain are called

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Unbelievable debts

unrealized debts

doubtful debts

both b and c

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

A bank reconciliation statement is prepared by:

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banker

Accountant of the business

Statutory auditors

Rigistar

All the direct expenses are charged to:

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Balance sheet

Profit and loss account

Trading account

None of these

When saleable goods are bought in a business are called:

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Sales

Purchase

Assets

Goods

A book which is used to record small expenses is called

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Expenses book

Cash book

Petty cash book

Purchases book

Expenditure, which helps to maintain the business efficiency is called

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Revenue expenditure

Deferred expenditure

Capital expenditure

Future expenditure

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

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Sales account

Farid account

Cash account

Both a & b

All expenses connected with the office and its conduct are called

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Selling expenses

Marketing expenses

Service expenses

Administrative expenses

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