Question # 1

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

Wages paid for installing a machine should be debited to

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Wages a/c

Cash a/c

Machinery a/c

none of these

A balance sheet is a

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Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

It is prepaid to determine the gross profit or gross loss

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Trading account

Profit or loss account

Balance sheet

None of these

From the business point of view, interest on drawings is

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An asset

An expense

A liability

A revenue

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary Account

Adjusting entries affect

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Balance sheet

Income statement

Work sheet

All of them

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

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

The capital profit should be transferred to:

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Profit and loss account

Trading account

Balance Sheet

Both Trading and profit and loss account and balance sheet

Goods withdrawn by the proprietor for personal use should be credited to

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Purchase a/c

Drawings a/c

Expenses a/c

Revenue a/c

Bill receivable book represents

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Ledger

Journal

Trail balance

All of above

Sales returns book periodical total is posted to

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Debit of returns inwards account

Credit of returns inwards account

Debit of returns outwards account

Credit of returns outwards account

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

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