Question # 1

______ simplifies work to be done at the end of the period

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Work sheet

Ledger

Trail balance

Balance sheet

Transportation cost paid for the purchases of Machinery must be debited to

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Transportation cost account

Purchases account

Machinery account

Cash account

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

An expenditure, which is temporarily increase the profit making capacity of the business is called

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Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

An expenditure, incurred to improve the position of the business is known as

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Deferred expenditure

Revenue expenditure

Capital expenditure

Recurring expenditure

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

The most exhaustive cash book is

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Petty Cash Book

Single Column Cash Book

Double Column Cash Book

Treble Column Cash Book

The time after which the bill is to be paid

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Grace Days

Tenor

Due Date

Extra Days

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

Income statement is prepared to ascertain the net result of the business concern under

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British accounting system

American accounting system

Cash system of accounting

None of these

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

Transaction are recorded data wise, so journal is also called:

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Entry book

Transaction book

Chronological book

Voucher

Accounting principles can be classified in

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three types

two types

five types

six types

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

Errors which affect one account can be

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errors of principle

errors of posting

errors of omission

none of these

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