Question # 1

The book which is used to record all goods returned by us to our supplier is called

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Returns inwards book

Purchases book

Return outwards book

Sales book

An error completely omitted to be entered in the journal

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partial error

error of posting

error of casting

complete error

When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called

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Honoured Bill

Retired Bill

Dishonoured Bill

Endorsed Bill

The margin that is available to cover the other expenses for a period and to yield net income is known as

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Net profit

Gross profit

Net sales

Cost of goods sold

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

The act of withdrawing a bill of exchange from circulation when it had been paid before the due date

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Renewal of a Bill

Discounting of a Bill

Endorsement of a Bill

Retiring of a Bill

Preliminary expenses paid in the formation of a company is a

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Capital expenditure

Deferred expenditure

Revenue expenditure

Capital loss

The time after which the bill is to be paid

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Grace Days

Tenor

Due Date

Extra Days

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

The body of worksheet contains

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Two pairs of money column

Three pairs of money column

Four pairs of money column

Five pairs of money column

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

Which one of the following is appeared in the balance sheet

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Revenue expenditure

Capital expenditure

Deferred expenditure

Both b & c

The Principle book of accounts is

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Journal

Ledger

Trial Balance

Balance Sheet

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

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