Question # 1

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

None of these

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

In the absence of an agreement partners shall

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Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

Single entery system is most suitbale where

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Credit transactions are numerous.

Cash transactions are numerous

Cahs and credit transactions both are numerios

None of the above

Due to drawings made during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

The fingure of bills payable is worked out by preparing the.

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Total debtors account

Total creditors account

Cash book

Balance sheet

The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.

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Sales account

Performa invoice

Account sales

None of these

Consignee is.

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A principal

An agent

A debtor

A creditor

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

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Debtors account

Creditors account

Sales book

Cash book

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

Dell creder commission is calculated on.

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Total sales

Cash sales

Credit sales

None of these

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