Question # 1

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

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Debtors account

Creditors account

Balance sheet

Trial balance

Account salesis submitted by.

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Teh consignor to the consignee

The consignee to the consignor

the debtor to the creditors

The principle to his agent

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

Closing capital in single entry system is calculated by preparing,

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Opening statement of affairs

Closing statement of affairs

Opening balance sheet

Closing balance sheet

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

Ordinary shares are also known as.

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Equity shares

Deffered shares

Bonus shares

Preference shares

The income and expenditure account performs the same function as.

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Trading and profit and loss account

Manafactureng account

Balance sheet

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

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

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

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

Double entry system means

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The recording of same things twice

Double accounting

The two sides of every transaction are recorded

Entry at two dates

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

Good will is

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Expense

Profit

Assets

Liability

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