Question # 1

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

Bank Reconciliation represents

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A Journal

A Ledger

A Statement

both a and c

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

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

Octori duty paid on machinery, is an example of

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Revenue expenditure

Recurring expenditure

Capital expenditure

Both a & b

When a drawer discounts a bill, he debits

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Bank Account

Interest Account

Drawee Account

Bill Receivable Account

The body of worksheet contains

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Two pairs of money column

Three pairs of money column

Four pairs of money column

Five pairs of money column

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

When balance of suspense account has debit balance it will be shown in balance sheet on

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Liability side

Capital side

Asset side

Credit side

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

Allowance for discount on account receivable is calculated on the amount of account receivable

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Before deducting the allowance for doubtful debts

Left after deducting the allowance for doubtful debts

Before deducting the actual bad debts

None of these

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

The creditor of the business are called:

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Assets

Liabilities

Capital

Income

If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should

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Debited to bad debts recovered account

Credited to Ali account

Debited to bad debts account

Credited to bad debts recovered account

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

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Cheque Book

Pass Book

Cash Book

Finance Book

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