Question # 1

A dealing between two persons is called a

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business

transaction

purchases

sales

All the transactions related to credit sales are recorded in

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Sales returns book

Sales book

Cash book

Credit note book

Cost incurred to generate revenue is called

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Revenue

Cost

Expense

Liability

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

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

Wages paid for the erection of machine debited to wages account is an example of

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Error of omission

Error of commission

Error of principle

None of these

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

Interest on drawings is

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An asset

A liability

An expense

A revenue

The accrued income or outstanding income will appear in the balance sheet as

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An expense

A liability

An asset

Both a & b

Loss of good by fire should be credited to:

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Purchase account

Sales account

Loss by goods by fire account

Capital account

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

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

Interest due but not received is an

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Outstanding expense

Accrued income

Prepaid expense

Unearned income

Accounting records of a business enterprise are required by

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management of the business

outsiders

all of the above

none of the above

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

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