Question # 1

the activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

Subscription otstanding in the beginning are shown in the

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Trading account

Income and expenditure account

Balance sheet

Profit and loss account

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

The credit balacne of the retained earnings statement represents.

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Undisturbed Profit

Divided declared

Profit distributed

None of these

The opening and closing balance of bills Receivable can be calculated by preparing the.

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Total debtors accounts

Total creditors account

Bills Recivable accounts

Salaes accounts

The joint stock company is formed under companies ordiance.

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1984

1974

1884

1962

On retirement of a partner the share of a retiring partner is taken by.

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Remaining partner

New partner

Legal representator or retiring partner

None of these

the loss whihc arises due to natural causes such as evaporation etc is called.

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Abnormal loss

Normal loss

Additional loss

None of these

Those debentures wihch carry no security as to payment of interest or repayment of principal, are known as.

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Morigage debentures

Secured debentures

Simple or naked debentures

None of these

For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.

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Cash account

Consignee personal account

Consignment account

None of the above

The loss prior to the date of incorporation of a company is.

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Revenue loss

Capital loss

Liability

None of these

The amount of share capital with which a company is registered is called.

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Authorized capital

Issued capital

Paid up capital

Called up capital

Opening capital is calculated by taking the difference between,

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Opening assets and closing assets

Opening assets and closing liabilities

Opening assets and Opening liabilities

Closing assets and closing liabilities

The profit earned prior to the date of incorporatin is.

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Revenue profit

Capital profit

Capital gain

Revenue gain

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