In statement of affairs assets are shown on the __________.
1.right hand side.
2.left hand side.
3.right hand side top.
4. right hand side bottom.
Posted Date:-2022-01-04 11:33:49
In statement of affairs liabilities are shown on the __________.
1.right hand side.
2.left hand side.
3.right hand side top.
4. right hand side bottom.
Posted Date:-2022-01-04 11:33:49
Under single entry system in net worth method opening capital is subtracted from _________.
1.opening capital.
2.closing capital.
3. additional capital.
4.drawings.
Posted Date:-2022-01-04 11:33:49
A branch set up merely for booking orders which are executed by head office is ____.
1. dependent branch.
2.independent branch.
3. local branch .
4.foreign branch.
Posted Date:-2022-01-04 11:33:49
A statement of affairs is just like a _________.
1.balance sheet.
2.profit and loss account.
3. cash account.
4.trading account.
Posted Date:-2022-01-04 11:33:49
All branch expenses such as rent salary are paid by the head office in case of _____.
1.independent branch.
2.local branch .
3.local branch .
4. dependent branch.
Posted Date:-2022-01-04 11:33:49
All personal real and nominal accounts are opened in ________.
1.single entry system.
2.double entry system.
3.accrual system.
4.mercantile system.
Posted Date:-2022-01-04 11:33:49
Balance sheet cannot be prepared ________.
1.in single entry system.
2. in double entry system.
3. with the help of cash book.
4.with the help of bank account.
Posted Date:-2022-01-04 11:33:49
Branch which does not maintain its own set of books is ______________.
1.dependent branch.
2.independent branch.
3.foreign branch.
4.local branch .
Posted Date:-2022-01-04 11:33:49
Branches not keeping full system of accounting are ________.
1.independent branch.
2. dependent branch.
3.local branch .
4.foreign branch.
Posted Date:-2022-01-04 11:33:49
Dependent branch make _______.
1. only cash sales.
2.only credit sales.
3.cash and credit sales.
4. installment sales.
Posted Date:-2022-01-04 11:33:49
Difference between net worth at the beginning of the year and at the end of the year represents _________.
1.capital balance.
2.cash balance.
3.pass book balance.
4.profit or loss.
Posted Date:-2022-01-04 11:33:49
Expenses which cannot be apportioned to department must be shown in the _____.
1.balance sheet.
2.trading account.
3.P & L account.
4.P & L Appropriation account.
Posted Date:-2022-01-04 11:33:49
Honorarium is a kind of remuneration paid to a person who is not the employee of a non-profit organization. Which of the following statements is true about the honorarium payment?
1.�Its a revenue expenditure
2.�Its a Capital expenditure
3. It is not recorded in the books of accounts
4.None of the above
Posted Date:-2022-01-04 11:33:49
In departmental accounts expenses like director fees interest is transferred to ______.
1.balance sheet.
2.trading account.
3.general P & L account.
4.P & L Appropriation account.
Posted Date:-2022-01-04 11:33:49
In pure single entry which account is recorded?
1.Personal.
2.Real.
3.Nominal.
4.Asset.
Posted Date:-2022-01-04 11:33:49
In single entry system net worth method is also called ________.
1.double entry system .
2.mercantile system.
3.statement of affairs method.
4.accrual system.
Posted Date:-2022-01-04 11:33:49
Indirect expenses is also called____________.
1.prime cost.
2.common expenses.
3.direct expenses.
4.management expenses.
Posted Date:-2022-01-04 11:33:49
Only personal account and cash account are opened in ________.
1.single entry system.
2.double entry system.
3.accrual system.
4.mercantile system.
Posted Date:-2022-01-04 11:33:49
Opening capital can be found by preparing ________.
1.cash book.
2.bank account.
3.statement of affairs.
4. statement of bank pass book.
Posted Date:-2022-01-04 11:33:49
Subscription received but not yet earned is considered as an ____________.
1.Asset
2.Liability
3.Income
4.Expenditure
Posted Date:-2022-01-04 11:33:49
The business policies and the administration of a branch are wholly controlled by the head office the type of branch is __________.
1.dependent branch.
2.independent branch.
3.foreign branch.
4.local branch .
Posted Date:-2022-01-04 11:33:49
The departmental accounting enables a business firm to maximize _________.
1.profit.
2.losses.
3.cash.
4.assets .
Posted Date:-2022-01-04 11:33:49
The difference between goods sent by head office and received by the branch is known as ___________.
1.goods in transit.
2. goods in godown.
3.goods in production.
4.goods in warehouse.
Posted Date:-2022-01-04 11:33:49
Total creditors account is prepared to find out ___________.
1. credit sales.
2.cash sales.
3.credit purchases.
4.cash purchases.
Posted Date:-2022-01-04 11:33:49
Trial balance can be prepared in _________.
1.single entry system.
2.double entry system.
3.accrual system.
4.mercantile system.
Posted Date:-2022-01-04 11:33:49
under branch account debtors system cash sales is shown in the _____________.
1.debit
2.credit
3.asset
4.none
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system bad debts discount allowed to debtors is ________.
1.shown in debit side.
2.shown in credit side.
3. shown in asset side .
4.not shown.
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system closing balance of assets are recorded in ________.
1.credit side.
2.debit side.
3.first credit and debit side.
4.first debit and credit side.
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system closing balance of liabilities are recorded in _________.
1.first credit and debit side.
2.first debit and credit side.
3.credit side.
4.debit side.
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system credit sales is _______.
1.shown in debit side.
2.shown in credit side.
3. shown in asset side .
4.not shown.
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system goods sent to branch account is recorded in _________.
1.debit side.
2.credit side.
3.asset side .
4. liabilities side.
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system goods sent to branch account is recorded in _________.
1.debit side.
2.credit side.
3.asset side .
4. liabilities side.
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system loading on goods sent to branch adjusted in ________.
1.debit side.
2.credit side.
3.asset side .
4. liabilities side.
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system opening balance of assets are recorded in ____.
1.credit side.
2.debit side.
3.first credit and debit side.
4.first debit and credit side.
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system opening balance of liabilities are recorded in ___________.
1.first credit and debit side.
2.first debit and credit side.
3.credit side.
4.debit side.
Posted Date:-2022-01-04 11:33:49
Under branch accounts debtors system the depreciation of an asset is _______.
1.show in debtors account.
2.shown in debit side of branch account.
3.not shown in branch account .
4. shown in credit side of branch account.
Posted Date:-2022-01-04 11:33:49
Under single entry system closing capital can be found by preparing a statement of affairs ____________.
1.at the end of the year.
2.at the beginning of the year.
3.at the end of every month.
4. at the end of every quarter.
Posted Date:-2022-01-04 11:33:49
Under single entry system opening capital can be found by preparing a statement of affairs ____________.
1.at the end of the year.
2.at the beginning of the year.
3.at the end of every month.
4. at the end of every quarter.
Posted Date:-2022-01-04 11:33:49
Under single entry system in conversion method a total debtors account is prepared to find out __________.
1. credit sales.
2.cash sales.
3.credit purchases.
4.cash purchases.
Posted Date:-2022-01-04 11:33:49
Under single entry system in conversion method a total debtors account is prepared to find out ___________.
1. credit sales.
2.cash sales.
3.credit purchases.
4.cash purchases.
Posted Date:-2022-01-04 11:33:49
Under single entry system in net worth method additional capital is deducted with __________.
1.opening capital.
2.closing capital.
3. additional capital.
4.drawings.
Posted Date:-2022-01-04 11:33:49
Under single entry system in net worth method drawings is added with _______.
1.opening capital.
2.closing capital.
3. additional capital.
4.drawings.
Posted Date:-2022-01-04 11:33:49
Under stock and debtors system of branch account branch adjustment account is opened when goods sent to branch is at ________.
1.cost price.
2. invoice price.
3.market price.
4.normal price.
Posted Date:-2022-01-04 11:33:49
Under stock and debtors system of branch account the account prepared to record all the transactions relating to branch debtors is recorded in ________.
1. branch expenses account.
2.branch adjustment account.
3.branch debtors account.
4. branch creditors account.
Posted Date:-2022-01-04 11:33:49
Under stock and debtors system the head office opens _________.
1.branch adjustment account.
2.branch debtors account.
3.. branch creditors account .
4.branch cash account.
Posted Date:-2022-01-04 11:33:49
When goods are transferred from one department to other the department transferring the goods should be credited and department receiving the goods should be _________.
1.debited.
2.credited.
3.added.
4.subtracted
Posted Date:-2022-01-04 11:33:49
When goods are transferred from one department to other the department transferring the goods should be ___________.
1.debited.
2.credited.
3.added.
4.subtracted
Posted Date:-2022-01-04 11:33:49
When goods are transferred from one department to other department they are called __________.
1. inter-departmental transfers.
2.outer-departmental transfers.
3.not a transfer.
4.regular transfer.
Posted Date:-2022-01-04 11:33:49
Which of the following is the accounting equation for a non-profit organization?
1. Asset = Capital + Liabilities
2.Capital + Liabilities = Assets
3. Accumulated fund + Liabilities = Assets
4.Liabilities = Asset + Accumulated fund
Posted Date:-2022-01-04 11:33:49
Which of the following is to be recorded in an income and expenditure account?
1.Purchase of a fixed asset
2.Capital expenditure incurred on a fixed asset
3. Profit on the sale of a fixed asset
4.Sale of a fixed asset
Posted Date:-2022-01-04 11:33:49