Question # 1 of 15 ( Start time: 03:45:46

Total Marks: 1
PM )
At the end of financial year a partner’s drawings are transferred to the:

Select correct option:

Credit side of the partner’s capital account

Credit side of the partner’s current account

Debit side of partnership bank account

Debit side of the partner’s current account

Question # 2 of 15 ( Start time: 03:46:18

Total Marks: 1
PM )
Normally single entry book keeping is followed by the:

Select correct option:

Small businesses only

Governments only

Large scale businesses only

Both Small businesses and Governments

Question # 4 of 15 ( Start time: 03:48:38

Total Marks: 1
PM )
Which of the following is/are true about the partnership form of business?
 Select correct option:

A partnership is a business run by two or more peopl

A partnership business is not difficult to set up

Each partner is liable under the law for the actions of

All of the given options

Question # 5 of 15 ( Start time: 03:49:10

Total Marks: 1
PM )
The head of board of directors of Private limited Companies is called:

Select correct option:

Chief Executive

Governor

Chief Minister

President

Question # 7 of 15 ( Start time: 03:51:01

Total Marks: 1
PM )
Particulars Rs. Opening written down value of machine 3,50,000 Cost of machine purchased
during the year 40,000 Depreciation during the year 13,000 Closing written down value (WDV)
of the Machines ?

Select correct option:

 Rs. 3, 77,000

Rs. 3, 90,000

Rs. 4, 12,000

Rs. 63,000

Question # 8 of 15 ( Start time: 03:52:13

Total Marks: 1
PM )
Which transaction will cause the balance in Terry's Cash Book to be greater than his Bank
Statement balance?

Select correct option:

A cheque is drawn but not yet presented at the bank

The bank has not notified Terry about a dishonored c

A credit transfer into Terry's Bank Account

A cheque payment of Rs.101 is recorded in the Cash

Question # 9 of 15 ( Start time: 03:53:23

Total Marks: 1
PM )
Authorized share capital is also known as:

Select correct option:

Registered share capital

 Issued capital

Paid up capital

Called up capital

Question # 10 of 15 ( Start time: 03:54:47

Total Marks: 1
PM )
Which of the following represents the excess of issued price over the nominal value of shares?

Select correct option:

Premium on issue of share

Share Capital

Discount on issue of share

Profit of the company

Question # 11 of 15 ( Start time: 03:55:40

Total Marks: 1
PM )
Goods sold to Mr. Naeem for Rs. 5,000 are wrongly recorded in sales journal at Rs. 500 and
same amount is posted in Mr. Naeem’s account, this is an example of:

Select correct option:

Compensating errors
 Error of Commission

Error of Principle

Error of Original entry

Question # 12 of 15 ( Start time: 03:56:32

Total Marks: 1
PM )
A Bank Reconciliation Statement is prepared to:

Select correct option:

Ascertain that the difference between the Cash Boo

Correct errors in the Cash Book or errors on the Ban

Amend the balance of the Bank Statement of the firm

Amend the balance in the Cash Book of the firm

Question # 13 of 15 ( Start time: 03:57:11

Total Marks: 1
PM )
Which of the following is NOT correct?

Select correct option:

Decrease in Assets will be credit

 Decrease in Liabilities will be debit

Decrease in Expenses will be credit

Decrease in Revenue will be credit

Question # 14 of 15 ( Start time: 03:57:40

Total Marks: 1
PM )
Which of the following particular/s is/are included in receipt voucher?

Select correct option:

Name of organization

Bank receipt

Date

All of the given options

Question # 15 of 15 ( Start time: 03:58:01

Total Marks: 1
PM )
In an account if credit side > debit side, the balance is known as:

Select correct option:

Negative Balance
Debit Balance

Credit Balance

Positive Balance