Question # 1

The favourable balance of profit and loss account should be:

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added in liabilities

subtracted from current assets

Subtracted from liabilities

added in capital

Bank reconciliation statement is :

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a memorandum statement

a ledger account

a part of cash book

a part of journal

Which of the following items appears in Trading account of business?

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Interest expenses

Wages and salaries

Depreciation expenses

Discount allowed

Depreciation value of an asset is equal to

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cost + scrape value

cost + market value

cost - scrap value

none of the given

Word credit is derived from

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latin

english

french

chinese

Cost incurred for the maintenance of shop in considered as

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revenue expenses

capital expenses

deferred expenses

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.

Which of the following is NOT prepared by Non Profit organization?

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Profit and loss account

Income and expenditure account

Receipts and payments accounts

Balance sheet

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

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1,2

2,3

1,3

1,2,3

A book in which receipts and payments are recorded is known as

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Pass book

Cash book

Purchase book

Sales book

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