Question # 1

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

The book in which all cash transactions are primarily recorded is called

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Cheque Book

Pass Book

Cash Book

Finance Book

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

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

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Work sheet

Ledger

Trail balance

Balance sheet

Error of posting effects:

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One account

Two accounts

Three accounts

Four accounts

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Row form

The favorable balance of cash book bank column is

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Credit balance

Debit balance

Both debit and credit balance

None of these

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

A Ledger is a book in which

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Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

Which column is prepared in single column cash book?

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Bank Column

Cash Column

Discount Column

All of the Above

The balance of petty cash book is a/an

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Asset

Liability

Expense

Income

A bill which is both drawn and payable within the geographical boundaries of a country

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Foreign Bill

Local Bill

Municipal Bill

Inland Bill

Interest on drawings is

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An asset

A liability

An expense

A revenue

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