Question # 1

Worksheet provides complete information for preparing

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Income statement

Position statement

Financial statement

Bank reconciliation statement

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

Error of principle arises when

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Any transaction is incorrectly recorded, either wholly or partially

Any transaction is left wholly or partially

Any transaction is affects one account

Any transaction is recorded in fundamentally incorrect manner

The recording of transaction chronologically in the book of accounts is called:

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Summarizing

Classifying

Recording

None of above

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

A transaction has been journalized but posted wrongly in the ledger account, it is an:

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Error of positing

Error of principle

Error of omission

Error of commission

Journal means

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Weekly

Monthly

Yearly

Daily

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

All the acceptances received from the debtors are recorded in

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Cash book

Bills payable book

Debtor's book

Bills receivable book

The balance of petty cash book is a/an

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Asset

Liability

Expense

Income

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

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

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An income

An expense

A profit

A liability

Net sales - cost of goods sold - operating expenses = ?

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Net purchases

Cost of goods sold available for sale

Net operating income

Gross Profit

کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں

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قانون تقلیل افادہ مختتم

قانون مساوی افادہ مختتم

قانون طلب

قانون تقلیل حاصل

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

The statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

The debts, the recovery of which is uncertain are called

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Unbelievable debts

unrealized debts

doubtful debts

both b and c

Which book is used to record all credit purchases?

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Purchases book

Purchases book return

Cash book

Debit note book

All those expenses which are incurred to convert raw-materials into finished goods are called:

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Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

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