Question # 1

Which account is a summary of direct expenses and direct revenues

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Trading and profit or loss account

Profit or loss account

Balance sheet

Trading account

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

None of these

A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called

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Receipt voucher

Cash voucher

payment voucher

Cash memo

Error which affects profit and loss account relates to

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Nominal account

Property account

Personal account

None of these

All the direct expenses are charged to:

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Balance sheet

Profit and loss account

Trading account

None of these

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Goods withdrawn by the proprietor for personal use should be credited to

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Purchase a/c

Drawings a/c

Expenses a/c

Revenue a/c

According to accounting equation, capital is equal to

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assets + liabilities

expenses-incomes

liabilities - assets

assets - liabilities

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

______ simplifies work to be done at the end of the period

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Work sheet

Ledger

Trail balance

Balance sheet

Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect

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purchases A/c

sales account

purchases, sales & Ali account

purchases & sales account

Carriage account is a/an

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asset account

revenue account

expenditure A/c

withdrawal account

Suspense means

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certainty

uncertainty

surly

none of these

From business point of view, interest on capital is considered as

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An income

An Expense

A Profit

A Liability

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

In journalizing the page numbers of the ledgers are written in:

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The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

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