Question # 1

Net sales equal to

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Sales - Returns outwards

Sales + Returns inwards

Sales - Returns inwards

Purchases - Returns inwards

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

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

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Expenses

Liabilities

Incomes

None of these

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

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suspense A/c

sales A/c

cash A/c

none of above

When balance of suspense account has debit balance it will be shown in balance sheet on

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Liability side

Capital side

Asset side

Credit side

Octori duty paid on machinery, is an example of

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Revenue expenditure

Recurring expenditure

Capital expenditure

Both a & b

Transaction, having short-term effects are known as

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Revenue transaction

Capital transaction

Non-monetary transaction

Paper transaction

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

How many categories of accounts are

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two

three

four

five

Capitalized expenditure are shown in

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Trading a/c

Profit or loss a/c

Income statement

Balance sheet

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

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3250

1250

3750

1750

Disagreement in balances may arise owing to mistake or mistakes in the:

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Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

A basis of business languages

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accounting

bookkeeping

transaction

cost accounting

Net loss is always

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Equal to gross loss

More than gross loss

Less than gross loss

None of these

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

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