Question # 1

A transaction is recorded on the same days as its takes place, so journal is also called:

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A day book

A history book

An entry book

Ledger book

A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:

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Rs.10,000

Rs.20,000

Rs,30,000

Rs. 40,000

Net sales equal to

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Sales - Returns outwards

Sales + Returns inwards

Sales - Returns inwards

Purchases - Returns inwards

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to

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Cash account

Discount allowed account

Bank account

Both a & b

Raw material destroyed in fire represents

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capital loss

revenue loss

normal loss

both b, c

A trial balance can be constructed by

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Three Methods

Two Methods

Four Methods

Five Methods

A bill of exchange is drawn by:

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A debtor

A creditor

A holder

Endorsee

Drawings are deducted from

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Sales

Income

Capital

Expenses

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

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Cheque Book

Pass Book

Cash Book

Finance Book

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

Which of the following discloses the financial position of the business

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Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

paid to Nadeem cash Rs. 5000 and a cheque for Rs. 4800 in full settlement of his dued Rs. 10000 should be credited to

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Cash account

Bank account

Discount received account

All of these

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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