Question # 1

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

The relation ship between consignor and consignee is thet of.

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Buyer and seller

Debtorsde creditor

Whole seller or retailer

Principal and agent

The Decision in Garner Va. Murray was given in.

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1905

1904

1804

1933

In income and expenditure account

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Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

Single entry system is suitable where,

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Small amount of cash transactions are more

Large amount of cash transaction are more

Smallamount of cash transaction are more

Largeamount of cash transaction are more

In the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment account

None of these

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

Amount of to the out going partner is shown in the balance sheet as his.

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Liability

Loan

Capital

Assets

The basic club record or book of original entry in non-profit making organization

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Purchase book

Sales book

Cash book

"a" and "b"

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

Bills payable issued durint the period must be debited to total creditors account credited to.

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Bills payable account

Bills receivable account

Debtora account

Cash account

Good will is

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Expense

Profit

Assets

Liability

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