Question # 1

Cost of redecorating a cinema hall is a

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Capital expenditure

Capital loss

Revenue expenditure

None of these

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

It is prepaid to determine the gross profit or gross loss

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Trading account

Profit or loss account

Balance sheet

None of these

An income which has earned but not received is called

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Unearned income

Accrued revenue

Revenue received in advance

None of these

Written below each entry is the

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Transaction

Voucher no

Narration

Date

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position statement

Bad debts are

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Deferred expenditure

Revenue expenditure

Capital expenditure

None of these

Net purchases are equal to

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Sales - returns outwards

Purchases + returns inwards

Purchases - returns outwards

Purchases + returns outwards

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

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

The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:

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Rs. 200 will be deducted

Rs. 200 will be added

Rs. 400 will be added

Rs. 400 will be deducted

When ban column of a cash book shows a debit balance it means:

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Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

Net loss is always

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Equal to gross loss

More than gross loss

Less than gross loss

None of these

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

Errors of omission affects

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One account

Two account

Three account

None of these

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