Wednesday , 22 October 2014

I.Com Part 1 Principles of Accounting Objective Past Paper 2010 Gujranwala Board

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I.Com Part 1 Principles of Accounting Objective Past Paper 2010 Gujranwala Board

Inter Part 1 Gujranwala Board 2010

Principles of Accounting Objective Type Paper

Time: 30 Minutes Marks: 20

Note: Overwriting, cutting, use of lead pencil or ink-remover is not allowed.

 

Question # 1

Each question has four possible answers. Tick the correct answer

 

The modern system of recording business transactions in the books of accounting is known as

a)      Modern system

b)     Double -entry system

c)      Single entry system

d)     American system

Withdrawal of merchandise for personal use is

a)      Drawing

b)     Sale of merchandise

c)      Personal expense

d)     Charity

The excess of assets over liabilities is called

a)      Capital

b)     Profit

c)      Equities

d)     Drawing

A credit is represented by

a)      A decrease in equity

b)     A decrease in liability

c)      A decrease in asset

d)     A decrease in owner’s equity

Nominal account is related to

a)      Liabilities

b)     Income

c)      Assets

d)     Equity

A brief description below each entry in journal is called

a)      Memorandum

b)     Narration

c)      Statement

d)     Original entry

Day book is another name of

a)      Journal

b)     Ledger

c)      Cash book

d)     Purchase book

If an account shows a debit balance, it represents

a)      Income

b)     Expense

c)      Capital

d)     Liability

The arithmetical accuracy of books of account is verified through

a)      Journal

b)     Ledger

c)      Trial balance

d)     Cash book

The transactions for which there is no separate journal are recorded in

a)      Journal book

b)     General journal

c)      General ledger

d)     Special journal

Return of defective merchandise is recorded in

a)      Cash receipt journal

b)     Cash payment journal

c)      Purchase journal

d)     Purchases return journal

Cash withdrawn from bank for office use is recorded in cash book on

a)      Debit side

b)     Credit side

c)      Debit and credit side

d)     None of these

The entry made on both sides of cash book is called

a)      Double entry

b)     Compound entry

c)      Contra entry

d)     Mixed entry

When bank column of a cash book shows a debit balance, it means

a)      Overdraft balance

b)     Bank balance

c)      Favorable balance

d)     Unfavorable balance

The periodical return sent by bank to the customer is called

a)      Income statement

b)     Bank statement

c)      Bank reconciliation statement

d)     Ledger statement

Expenditure incurred on advertising a new product is called

a)      Capital expenditure

b)     Revenue expenditure

c)      Deferred revenue expenditure

d)     Current expenditure

Receipt on sale of fixed assert is a

a)      Revenue receipt

b)     Current receipt

c)      Capital receipt

d)     Deferred receipt

Mistake in balancing an account is an error of

a)      Omission

b)     Commission

c)      Principle

d)     Compensation

Carriage inward is

a)      Direct expense

b)     Indirect expense

c)      Operating expense

d)     Selling expense

Income tax of proprietor paid out of business should be treated as

a)      Expense

b)     Income

c)      Drawing

d)     Liability

I.Com Part 1 Principles of Accounting Objective Past Paper 2010 Gujranwala Board Inter Part 1 Gujranwala Board 2010 Principles of Accounting Objective Type Paper Time: 30 Minutes Marks: 20 Note: Overwriting, cutting, use of lead pencil or ink-remover is not allowed.   Question # 1 Each question has four possible answers. Tick the correct answer   The modern system of recording business transactions in the books of accounting is known as a)      Modern system b)     Double -entry system c)      Single entry system d)     American system Withdrawal of merchandise for personal use is a)      Drawing b)     Sale of merchandise c)      Personal…

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