Question # 1

Which of the following is an alternate term which can be used for "Capital"?

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Liability

Owner net worth

Asset

Working Capital

Double entry accounting system include:

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Accrual accounting only

Cash accounting only

Both A and B

^{None of the given}

Economic resource owned by a business and expected to benefit for the future operation are called :

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Expenses

Assets

Capital

Depreciation arises because

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fall in market value of an asset

fall in the value of money

physical wear and tear

all of the above

Firm charges each year

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to ensure there is enough money in the firm to replace the asset

to spread the cost of the asset over its working file

because the law states they must be reduced

If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added?

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cheaque deposited but not credit by the bank

Cheques omitted to be deposited into the bank

any amount directly collected by bank on behalf of customer but not recorded in cash book

Debit side cash book was overcast.

Cash book is a part of

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Voucher

general ledger

general journal

Trail balance

Which of the following account will be credit,if business sold goods for Rs 10,000 on credit?

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Cash account

Sales account

account receivable account

purchase account

Bank reconciliation statement is :

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a memorandum statement

a ledger account

a part of cash book

a part of journal

The area of accounting concerned with reporting financial information to the interested parties is called

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cost accounting

financial accounting

management accounting

tax accounting

Cost incurred for the maintenance of the shop is considered as

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Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

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