Question # 1

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

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Commission account

Consignee's personal account

Consignement account

None of these

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

Consignment signifies.

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Goods despatched by the owner to his agent

Goods forwarded by the creditor to his debtor

Goods forwarded from one place to another

Goods sent by the owner to his agent for the purpose of sale.

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

The consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

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

According to companies ordinance, single entry system cannot be adopted by,

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

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Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

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

How many mathods are available to calculate the profit or loss under single entery system.

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One

Two

Three

Four

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

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