Question # 1

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

The process of writing of intengible assets patent right, good will etc is called.

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Depreciation

Fluctuaton

Amorization

depletion

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

Cash received from the debtors can be find out by preparing.

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Debtors account

Creditors account

Balance sheet

Trial balance

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

The dividend paid to the shareeholders duirng the financial year is.

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Redeemable debentures

Irredeemable debentures

Repayable debebtures

None of these

The assets which have not got physical existence are called.

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Intangible assets

Intangible fixed assets

Current assets

Tangible fixed assets

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

Consignee is.

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A principal

An agent

A debtor

A creditor

Arithmetical accuracy of the books of accounts cannot be checked under.

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Single Entry system

Double entery system

None entery system

Both a and b

The joint stock company is formed under companies ordiance.

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1984

1974

1884

1962

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