Question # 1

Any difference in trial balance is transferred to

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sales account

nominal account

purchases account

suspense account

Bad debts recovered from debtors should be credited to

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Debtors a/c

Bad debts a/c

Bad debts recovered a/c

Cash a/c

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

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

A sheet which minimizes the chances of errors to the maximum possible extent is called

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Balance sheet

Work sheet

Paper sheet

Income statement

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

Bank reconciliation statement is prepared by

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Banker

Customer's accountant

Auditors

Manager

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

In the preparation of worksheet the amounts in the trail balance are taken directly form the ______

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Ledger

Trail balance

Balance sheet

None of these

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

The revenue that has not become due, but received in cash in current year is known as

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Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

Retiring a bill under rebate means:

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Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

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Rs. 20,00

Rs. 15,00

Rs. 25,00

Rs. 5,00

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