Question # 1

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 cash book is a book of

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Compound entry

Original entry

Final entry

Simple entry

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

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

An Entry which is recorded on the both sides of cash book is called

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Simple Entry

Compound Entry

Combined Entry

Contra Entry

All the transactions related to credit sales are recorded in

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Sales returns book

Sales book

Cash book

Credit note book

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

The inflow of assets in return for services performed or products delivered during a period is

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Asset

Revenue

Non current asset

None of these

When ban column of a cash book shows a debit balance it means:

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Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

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Error of principle

Errors of omission

Errors of commission

Compensating error

If the balance of suspense account is credit then it will be shown in balance sheet on

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Asset side

Asset and liability side

Asset and capital side

Capital and liability side

Book used to record petty expenses and receipts

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Single Column Cash Book

Petty Cash Book

Double Column Cash Book

Treble Column Cash Book

If there is any error in Bank account it will affect

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Trading and profit and loss account

Profit and loss account

Trading account

Balance sheet

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

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3250

1250

3750

1750

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