Question # 1

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

None of these

Wages paid for installing a machine should be debited to

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Wages a/c

Cash a/c

Machinery a/c

none of these

A bank reconciliation statement is prepared by:

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banker

Accountant of the business

Statutory auditors

Rigistar

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

Gross profit represents

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Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

If a liability is recorded as income, it will be considered as

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Error of commission

Error of omission

Error of Principle

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

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

The amount invested by the owner in the business to produce revenue is known as

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Income

Asset

Capital

Liability

Double entry means

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entry in two sets of books

entry at two dates

entry for two aspects of a transaction

recording twice in journal

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

Which of the following normally has a credit balance

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Machinery a/c

Purchases a/c

Stock a/c

Sales a/c

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

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