I B.com (It) 215a - Financial Accounting

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Dr.G.R.Damodaran College of Science

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I B.com (IT) [2016-2019]

Semester II
Core: Financial Accounting 215A
Multiple Choice Questions.
1. The main objective of providing depreciation is ____

A. to calculate true profit.
B. to calculate financial position.
C. to reduce tax burden.
D. to reduce profit.
ANSWER: A
2. Depreciation arises because of___

A. fall in the market value of an asset.
B. physical wear and tear
C. . fall in the value of money.
D. rise in the value of money.
ANSWER: B
3. Under the straight line method of charging depreciation, depreciation ____

A. increases every year.
B. decreases every year.
C. is constant.
D. fluctuate every year.
ANSWER: C
4. Under the diminishing balance method depreciation is calculated on___

A. original value
B. written down value.
C. scrap value.
D. market value.
ANSWER: B
5. Depreciation is provided on ____

A. current asset .
B. fixed assets.
C. fictitious assets.
D. investment.
ANSWER: B
6. . Loss of usefulness occasioned by improved production methods is known as____

A. physical deterioration.
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B. obsolescence.
C. disuse.
D. inadequacy.
ANSWER: B
7. Mines quarries oilfields and forest are example of

A. fixed assets.
B. current assets.
C. . wasting assets.
D. intangible assets.
ANSWER: C
8. Estimated sale value of the asset at the end of its economic life is known as____
A. purchase value.
B. . market value.
C. written down value.
D. residual value.
ANSWER: D
9. Provision for depreciation account appears on the _____

A. Asset side.
B. Liability side.
C. P & L account debit side.
D. P & L account credit side.
ANSWER: B
10. . Income tax authorities recognize this method ___

A. straight line method .
B. written down value method.
C. annuity method.
D. depreciation fund method.
ANSWER: B
11. Under which method of depreciation the earlier year of the life of the asset profits are more
A. straight line method.
C. annuity method.
ANSWER: A
12. Straight line method is also called ___-

A. written down value method.
B. . annuity method.
C. . depreciation fund method.
D. Fixed installment method.
ANSWER: D
13. Diminishing balance method is also called ____

A. written down value method .
B. annuity method.
C. depreciation fund method.
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ANSWER: A
14. Reducing installment method is also called ____

A. straight line method .
C. annuity method.
ANSWER: B
15. Written down value method is also called ____

A. diminishing balance method.
B. annuity method.
ANSWER: A
16. Straight line method is also called ____

B. annuity method.
C. original cost method.
ANSWER: C
17. Original cost method of depreciation is also called ___

A. diminishing balance method.
B. annuity method.
ANSWER: D
18. Fixed installment method of depreciation is also called ___

B. annuity method.
C. original cost method.
ANSWER: C
19. Diminishing balance method of depreciation is also called ___

A. reducing balance method.
B. . annuity method.
D. fixed installment method.
ANSWER: A
20. Under annuity method the amount of depreciation is found out from ___
A. log tables.
B. sinking fund tables
C. annuity tables.
D. present value tables.
ANSWER: C
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21. Depreciation fund is also called ___

A. reserve fund.
B. compensation fund.
C. workers fund.
D. sinking fund.
ANSWER: D
22. Under sinking fund method, the amount of depreciation is calculated with reference to___
A. log tables.
B. annuity tables.
C. sinking fund tables.
D. present value tables.
ANSWER: C
23. Under depreciation fund method depreciation is charged to ___

A. profit and loss account.
B. trading account.
C. balance sheet.
D. p & l appropriation account.
ANSWER: A
24. Under insurance policy method the premium is paid in the ____
A. beginning of each year.
B. end of each year.
C. beginning of each month.
D. end of each month.
ANSWER: A
25. Depletion method is also called ___

A. annuity method.
B. . insurance policy method.
C. output method.
D. reducing balance method.
ANSWER: C
26. Expenses which can be directly identified with or incurred for particular department are called___
A. direct expenses.
B. indirect expenses.
C. monthly expenses.
D. weekly expenses.
ANSWER: A
27. Expenses which cannot be identified with a particular department are called____
A. direct expenses.
B. indirect expenses.
C. monthly expenses.
D. weekly expenses.
ANSWER: B
28. Repairs to buildings, maintenance of premises should be divided among the different departments on
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the basis of _________.

A. light points.
B. H.P of machine.
C. sales ratio
D. floor area.
ANSWER: D
29. Lighting expenses should be divided among the different departments on the basis of _________.
A. light points.
B. H.P of machine.
C. sales ratio.
D. floor area.
ANSWER: A
30. Carriage inward expenses should be divided among the different departments on the basis of
___________.
A. light points.
B. purchase value.
C. . sales ratio.
D. floor area.
ANSWER: B
31. Power expenses should be divided among the different departments on the basis of _____.
A. light points.
B. H.P of machine.
C. sales ratio .
D. floor area.
ANSWER: B
32.
A. time devoted to each department.
B. time spent in each department.
C. time assigned to each department.
D. time wasted in each department.
ANSWER: A
33. Indirect expenses is also called____________.

A. prime cost.
B. common expenses.
C. direct expenses.
D. management expenses.
ANSWER: B
34. Indirect expenses is also called_____________.

A. prime cost.
B. management expenses.
C. . joint expenses .
D. notional cost.
ANSWER: C
35. Expenses which cannot be apportioned to department must be shown in the _____.
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A. balance sheet.
B. trading account.
C. P & L account.
D. P & L Appropriation account.
ANSWER: C
36. When goods are transferred from one department to other department, they are called __________.
A. inter departmental transfers.
B. outer departmental transfers.
C. not a transfer.
D. regular transfer.
ANSWER: A
37. When goods are transferred from one department to other, the department transferring the goods should
be ___________.
A. debited.
B. . credited.
C. added.
D. subtracted .
ANSWER: B
38. When goods are transferred from one department to other, the department transferring the goods should
be credited and department receiving the goods should be _________.
A. debited.
B. . credited.
C. added.
D. subtracted.
ANSWER: A
39. In departmental accounts expenses like director fees, interest is transferred to ______.
A. balance sheet.
B. trading account.
C. .general P & L account .
D. P & L Appropriation account.
ANSWER: C
40. Branch which does not maintain its own set of books is ______________.
A. dependent branch.
B. independent branch.
C. foreign branch.
D. local branch .
ANSWER: A
41. Branches not keeping full system of accounting are ________.

A. independent branch.
B. . dependent branch.
C. local branch .
D. foreign branch.
ANSWER: B
42. All branch expenses such as rent, salary, are paid by the head office in case of _____.
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A. independent branch.
B. . local branch.
C. local branch.
D. dependent branch.
ANSWER: D
43. Dependent branch make _______.

A. only cash sales.
B. only credit sales.
C. cash and credit sales.
D. installment sales.
ANSWER: C
44. Under stock and debtors system the head office opens _________.
A. branch adjustment account.
B. branch debtors account.
C. branch creditors account .
D. branch cash account.
ANSWER: A
45. In branch account, goods sent by branch X to branch Y, will be debited to _______.
A. branch k.
B. branch x.
C. branch z .
D. . branch y.
ANSWER: D
46. Under branch accounts debtors system, the depreciation of an asset is _______.
A. show in debtors account.
B. shown in debit side of branch account.
C. not shown in branch account
D. shown in credit side of branch account.
ANSWER: C
47. Under branch accounts debtors system, opening balance of assets are recorded in ____.
A. credit side.
B. debit side.
C. first credit and debit side.
D. first debit and credit side.
ANSWER: A
48. Under branch accounts debtors system, closing balance of assets are recorded in ________.
A. credit side.
B. debit side.
C. first credit and debit side.
D. first debit and credit side.
ANSWER: A
49. Under branch accounts debtors system, opening balance of liabilities are recorded in ___________.
A. first credit and debit side.
B. . first debit and credit side.
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C. credit side.
D. debit side.
ANSWER: C
50. Under branch accounts debtors system, loading on goods sent to branch adjusted in ________.
A. . debit side.
B. . credit side.
C. asset side .
D. liabilities side.
ANSWER: B
51. The difference between goods sent by head office and received by the branch is known as
___________.
A. goods in transit.
B. goods in godown.
C. goods in production.
D. goods in warehouse.
ANSWER: A
52. Under stock and debtors system of branch account, the account prepared to record all the transactions
relating to branch debtors is recorded in ________.
A. branch expenses account
B. branch adjustment account.
C. branch debtors account.
D. branch creditors account.
ANSWER: C
53. In pure single entry which account is recorded

A. Personal.
B. . Real.
C. Nominal.
D. Asset.
ANSWER: A
54. All personal, real and nominal accounts are opened in

A. single entry system.
B. double entry system.
C. accrual system.
D. mercantile system.
ANSWER: B
55. Only personal account and cash account are opened in

C. accrual system.
ANSWER: A
56. Trial balance cannot be prepared in_____.

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C. accrual system.
ANSWER: A
57. Balance sheet can be prepared ________.

A. in single entry system.
B. . in double entry system.
C. with the help of cash book.
D. . with the help of bank account.
ANSWER: A
58. Balance sheet cannot be prepared ________.

A. in single entry system.
B. in double entry system.
C. with the help of cash book.
D. with the help of bank account.
ANSWER: A
59. In single entry system, net worth method is also called ________.
A. double entry system
B. mercantile system.
C. statement of affairs method.
D. accrual system.
ANSWER: C
60. Opening capital can be found by preparing ________.

A. cash book.
B. . bank account.
C. statement of affairs.
D. statement of bank pass book.
ANSWER: C
61. A statement of affairs is just like a _________.

A. balance sheet.
B. profit and loss account.
C. cash account.
D. trading account.
ANSWER: A
62. In statement of affairs assets are shown on the __________.

A. . right hand side.
B. left hand side.
C. . left hand side top.
D. left hand side bottom.
ANSWER: A
63. In statement of affairs liabilities are shown on the __________.

A. right hand side.
B. left hand side.
C. right hand side top.
D. right hand side bottom.
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ANSWER: B
64. Under single entry system, closing capital can be found by preparing a statement of affairs
____________.
A. at the end of the year.
B. at the beginning of the year.
C. at the end of every month.
D. at the end of every quarter.
ANSWER: A
65. Under single entry system, opening capital can be found by preparing a statement of affairs
____________.
A. at the end of the year.
B. at the beginning of the year.
C. at the end of every month.
D. at the end of every quarter
ANSWER: B
66. Under single entry system in net worth method, additional capital is deducted with __________.
A. opening capital.
B. closing capital.
C. additional capital.
D. drawings.
ANSWER: B
67. Under single entry system in conversion method, a total debtors account is prepared to find out
___________.
A. credit sales.
B. . cash sales
C. credit purchases.
D. . cash purchases.
ANSWER: A
68. Under single entry system in conversion method, a total debtors account is prepared to find out
__________.
A. credit purchases.
B. cash purchases.
C. cash purchases.
D. closing balance of debtors.
ANSWER: D
69. Debtors account is a __________.

A. personal account.
B. real account.
C. nominal account.
D. cash account.
ANSWER: A
70. Total creditors account is prepared to find out ___________.

A. credit sales.
B. . cash sales.
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C. credit purchases.
D. cash purchases.
ANSWER: C
71. Total creditors account is prepared to find out _______.

A. opening balance of debtors .
B. closing balance of debtors.
C. opening balance of creditors.
D. closing balance of creditors.
ANSWER: D
72. A bills receivable account is prepared to ascertain bills _______.

A. accepted.
B. received.
C. drawn.
D. endorsed.
ANSWER: B
73. A bills payable account is prepared to ascertain bills __________.

A. . accepted.
B. received.
C. drawn.
D. endorsed.
ANSWER: A
74. Bills receivable dishonored will be posted to _______ side of debtors account
A. debit.
B. credit.
C. outside.
D. . inside.
ANSWER: A
75. Bills receivable dishonored will be posted in ___________.

A. debit.
B. credit.
C. . outside .
D. inside.
ANSWER: B
76. Transfer to creditors account will be posted in which side of debtors account
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: B
77. Transfer to creditors account will be posted in which side of creditors account
A. Debit.
B. . Credit.
C. Outside.
D. . Inside.
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ANSWER: A
78. Bills payable dishonoured will be posted in which side of bills payable account
A. Debit.
B. Credit.
C. Outside.
D. . Inside.
ANSWER: C
79. Opening balance of debtors will be posted in which side of debtors account
A. Debit.
B. Credit.
C. Outside.
D. . Inside.
ANSWER: C
80. Closing balance of debtors will be posted in which side of debtors account
A. Debit.
B. . Credit.
C. . Outside.
D. Inside.
ANSWER: D
81. Closing balance of creditors will be posted in which side of creditors account
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: A
82. Opening balance of creditors will be posted in which side of creditors account
A. Debit.
B. Credit.
C. . Outside.
D. . Inside.
ANSWER: D
83. Cash account opening balance will appear in _______.

A. debit .
B. . credit.
C. . outside.
D. . inside.
ANSWER: A
84. Cash account closing balance will appear in __________.

A. debit .
B. . credit.
C. outside.
D. . inside.
ANSWER: B
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85. Bills payable account closing balance will appear in ____________.

A. debit .
B. credit.
C. outside.
D. . inside.
ANSWER: C
86. Bills receivable account opening balance will appear in _________.

A. debit .
B. credit.
C. outside.
D. inside.
ANSWER: A
87. An agreement of sale is made under ________.

A. . installment system.
B. credit system.
C. hire purchase system.
D. cash system.
ANSWER: A
88. Under which system, ownership is transferred on payment of final installment

A. Installment system.
B. Credit system.
C. Hire purchase system.
D. Cash system.
ANSWER: C
89. Under hire purchase system the buyer is called _________.

A. buyer.
B. hirer.
C. hire vendor.
D. debtor.
ANSWER: B
90. Under installment system the relationship between the buyer and seller is that of a _________.
A. buyer and seller
B. . bailor and bailee.
C. pawner and pawnee
D. debtor and creditor
ANSWER: D
91. Under hire purchase system who has the right of sell __________.
A. buyer.
B. hirer
C. hire vendor.
D. debtor.
ANSWER: C
92. Under hire purchase system, if installment is not paid the hire vendor has right to ___________.
A. sell the goods
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B. repossession of goods.
C. repair the goods.
D. purchase the goods.
ANSWER: B
93. Under hire purchase system, the agreement can be _________.

A. . renewed.
B. registered.
C. terminated.
D. endorsed.
ANSWER: C
94. Installment system is governed by _______

A. Hire Purchase Act.
B. Sale of Goods Act
C. Installment Act.
D. Properties Registration Act.
ANSWER: B
95. . Under hire purchase system, the retail price of the articles is called ________.
A. MRP.
B. wholesale price
C. retail price.
D. cash price.
ANSWER: C
96. Cash price plus interest is _________.

A. installment price.
B. hire purchase price
C. maximum retail price.
D. retail price.
ANSWER: B
97. The advance amount under hire purchase system is called __________.
A. cash price.
B. retail price.
C. . interest
D. down payment
ANSWER: D
98. Under hire purchase system, interest is calculated on _______.

A. cash price.
C. MRP.
D. outstanding balance.
ANSWER: D
99. If the hire purchaser fails to make payment of any installment, it is called _______.
A. default.
B. repossession.
C. sale.
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D. purchase.
ANSWER: A
100. If the hire vendor may take away all the goods on which there is default of installment it is called
____________.
A. . repossession .
B. partial repossession.
C. complete repossession.
D. purchase.
ANSWER: C
101. The hire vendor takes away only a portion of the goods on which there is default of Installments it is
called _________.
A. . repossession
B. . partial repossession
C. complete repossession.
D. purchase.
ANSWER: B
102. In the books of hirer, for payment of installment hire vendor account will be ___________.
A. debited.
B. . credited.
C. . rectified
D. reversed.
ANSWER: A
103. In the books of hirer, for interest due at the end of the year hire vendor account will be _______.
A. debited.
B. credited.
C. rectified.
D. reversed.
ANSWER: B
104. In the books of Hirer, the interest and depreciation account will be transferred to ______.
A. Trading account
B. P & L account
C. P & L appropriation account
D. Balance sheet.
ANSWER: B
105. In the books of hirer, when the asset is repossessed hire vendor account will be ______.
A. debited.
B. credited.
C. rectified.
D. reversed.
ANSWER: A
106. In the books of hirer, when the asset is repossessed, asset account will be ______.
A. debited.
B. credited.
C. rectified.
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D. reversed.
ANSWER: B
107. . In the books of hire vendor, when down payment is received, the hirer account will be _________.
A. debited
B. credited
C. rectified.
D. . reversed.
ANSWER: B
108. The average clause in a loss of profits policy protects by _______.

A. Insured
B. Insurer
C. Workers
D. None of the above
ANSWER: A
109. Debtor ledger is meant for keeping _________.

A. personal a/c of trade debtors.
B. real a/c.
C. nominal a/c.
D. impersonal/c.
ANSWER: A
110. Creditors ledger is meant for keeping __________.

A. . real a/c.
B. nominal a/c.
C. personal a/c of creditors.
D. impersonal a/c.
ANSWER: C
111. Errors can be easily found out if ____________ system is maintained.

A. single ledger
B. self balancing ledger
C. single entry.
D. double entry.
ANSWER: B
112. The amount set aside from P&L a/c is called as _____________.
A. reserve.
B. provision.
C. depreciation.
D. fund.
ANSWER: B
113. The amount set aside for meeting future losses is __________.
A. reserve.
B. provision.
C. depreciation
D. fund.
ANSWER: B
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114. The amount which is appropriated out of profit is ________.

A. reserve.
B. provision.
C. depreciation.
D. fund.
ANSWER: A
115. Which one of the following is an example of reserve

A. P&L a/c
B. Provision for depreciation
C. Provision for bad debts.
D. Provision for income tax
ANSWER: A
116. Which one of the following is an example of provision

A. Securities premium.
B. Revaluation reserve.
C. Capital reserve.
D. Provision for bad debts.
ANSWER: D
117. Which of the following item gives tax benefit

A. Creation of secret reserve.
B. Creation of capital reserve
C. Creation of general reserve
D. Creation of provision
ANSWER: D
118. Reserve is debited to _______.

A. Trading a/c
B. P&L a/c.
C. . P&L appropriation a/c
D. . Manufacturing a/c.
ANSWER: C
119. Provision is debited to _______.

A. Trading a/c.
B. P&L a/c.
C. P&L appropriation a/c.
D. Manufacturing a/c.
ANSWER: B
120. Which one of the following is utilized for distribution of dividend

A. Capital Redemption Reserve
B. Securities premium
C. . Revaluation reserve
D. General reserve
ANSWER: D
121. Reserve which is created out of capital profit is __________. a. revenue reserve.
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A. .revenue reserve
B. capital reserve.
C. provision.
D. general reserve
ANSWER: A
122. Reserve which is created out of capital profit is __________.

A. revenue reserve.
B. capital reserve.
C. provision.
D. general reserve.
ANSWER: B
123. Which one of the following is not a specific reserve

A. Debenture Redemption Reserve
B. Dividend Equalization Reserve.
C. General reserve.
D. Investment Fluctuation Fund
ANSWER: C
124. Secret reserve can be created by __________.

A. debiting P&L a/c.
B. undervaluing assets
C. crediting P&L a/c.
D. crediting P&L appropriation a/c
ANSWER: B
125. Fire insurance policy can be taken for _________.

A. loss of stock.
B. loss of profit.
C. life of a partner.
D. loss of stock or/and loss of profit.
ANSWER: D
126. The stock which is rescued from fir is ______.

A. scrap.
B. defectives.
C. salvaged stock.
D. . claim.
ANSWER: C
127. The period for which insurance policy is taken against the risk of fire is __________.
A. accounting period.
B. calendar period.
C. indemnity period
D. standard period.
ANSWER: C
128. The difference between standard turnover and affected period turnover is ______.
A. short sales.
B. annual turnover.
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C. accounting year turnover.

D. saved turnover.
ANSWER: A
129. In order to calculate value of closing stock, which a/c is to be prepared

A. P&L a/c.
B. P&L appropriation a/c.
C. Memorandum trading a/c.
D. Memorandum P&L a/c.
ANSWER: C
130. In debtor ledger a/c, only ________ is prepared

A. trade creditors a/c.
B. all creditors a/c.
C. cash purchase a/c.
D. cash sales a/c.
ANSWER: A
131. In creditor ledger a/c only ____________ is prepared

A. trade creditors a/c.
B. all creditors a/c
C. cash purchase a/c.
D. cash sales a/c.
ANSWER: B
132. Creditors ledger adjustment a/c normally shows the opening balance in _______.
A. debit.
B. credit.
C. either debit or credit
D. debit and credit
ANSWER: B
133. General ledger adjustment a/c in debtor ledger shows __________ balance
A. . debit.
B. . credit.
D. debit and credit.
ANSWER: B
134. General ledger adjustment a/c in creditor ledger shows __________ balance
A. debit.
B. credit.
D. debit and credit.
ANSWER: A
135. An account which contains all the trade debtors is __________.

A. purchase ledger.
B. sales ledger.
C. general ledger.
D. subordinate ledger.
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ANSWER: B
136. An account which contains all the trade creditors is __________.

A. purchase ledger.
B. sales ledger
C. general ledger
D. subordinate ledger
ANSWER: A
137. The branch which does not maintain its own set of books is _________.
A. dependent branch.
B. . independent branch.
C. foreign branch.
D. local branch.
ANSWER: A
138. Which of the following method is used to ascertain profit in single entry system?
A. .net worth method.
B. lump sum method
C. . net asset method.
D. double accounting system
ANSWER: A
139. Total debtors a/c reveals (as a balancing figure) ____________.

A. cash collected from debtors
B. credit purchase.
C. cash paid o creditors
D. closing stock.
ANSWER: A
140. Total creditors a/c reveals (as a balancing figure) ___________.

A. credit purchases
B. . credit sales.
C. closing stock.
D. closing debtors
ANSWER: A
141. Bills payables a/c reveals ____________ as a balancing figure.

A. opening B/P.
B. opening stock
C. opening debtors.
D. opening creditors
ANSWER: A
142. Creating a reserve is ____________.

A. optional.
B. compulsory.
C. essential.
D. statutory.
ANSWER: A
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143. . Under Debtors system, the cash sales are _________.

A. debited to the branch a/c
B. credited to the branch a/c.
C. . debited to debtors a/c
D. credited to creditors a/c
ANSWER: B
144. Under annuity method, the amount of depreciation is __________.

A. . increasing every year.
B. decreasing every year.
C. fixed for all the years.
D. change every year.
ANSWER: C
145. Sundry debtors means a person who purchases goods on __________.

A. cash basis.
B. . credit basis.
C. installment basis.
D. cash and credit basis.
ANSWER: B
146. General Ledger Adjustment a/c(s) are opened in ________.

A. debtors ledger.
B. creditor ledger.
C. debtors and creditors ledger.
D. bills receivable ledger.
ANSWER: C
147. Under hire purchase system is interest is calculated on _______.

A. outstanding balance .
C. cash price.
D. down payment.
ANSWER: C
148. The reserve which is not disclosed by the balance sheet ________.
A. . general reserve.
B. specific reserve.
C. secret reserve
D. capital reserve.
ANSWER: C
149. In each department, depreciation is to apportioned on the basis of _________.

A. value of machinery.
B. life time of machinery.
C. production capacity of machinery.
D. power consumed by the machinery.
ANSWER: A
150. Nature of hire purchase agreement is __________.

A. . agreement of sale
21 of 22 1/19/2017 1:56 PM
B. option to transfer.
C. option to buy.
D. option to sell.
ANSWER: C
Staff Name
Rajarajeswari.K.
22 of 22 1/19/2017 1:56 PM

I B.com (It) 215a - Financial Accounting

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http://172.16.2.20/printqp.php?heading=I B.com (IT) [2016-2019], Semest...

Dr.G.R.Damodaran College of Science

I B.com (IT) [2016-2019]

1. The main objective of providing depreciation is ____

2. Depreciation arises because of___

3. Under the straight line method of charging depreciation, depreciation ____

4. Under the diminishing balance method depreciation is calculated on___

5. Depreciation is provided on ____

6. . Loss of usefulness occasioned by improved production methods is known as____

7. Mines quarries oilfields and forest are example of

9. Provision for depreciation account appears on the _____

10. . Income tax authorities recognize this method ___

12. Straight line method is also called ___-

13. Diminishing balance method is also called ____

D. Fixed installment method.

14. Reducing installment method is also called ____

15. Written down value method is also called ____

16. Straight line method is also called ____

17. Original cost method of depreciation is also called ___

18. Fixed installment method of depreciation is also called ___

19. Diminishing balance method of depreciation is also called ___

21. Depreciation fund is also called ___

23. Under depreciation fund method depreciation is charged to ___

25. Depletion method is also called ___

the basis of _________.

33. Indirect expenses is also called____________.

34. Indirect expenses is also called_____________.

41. Branches not keeping full system of accounting are ________.

43. Dependent branch make _______.

53. In pure single entry which account is recorded

54. All personal, real and nominal accounts are opened in

55. Only personal account and cash account are opened in

56. Trial balance cannot be prepared in_____.

57. Balance sheet can be prepared ________.

58. Balance sheet cannot be prepared ________.

60. Opening capital can be found by preparing ________.

61. A statement of affairs is just like a _________.

62. In statement of affairs assets are shown on the __________.

63. In statement of affairs liabilities are shown on the __________.

69. Debtors account is a __________.

70. Total creditors account is prepared to find out ___________.

71. Total creditors account is prepared to find out _______.

72. A bills receivable account is prepared to ascertain bills _______.

73. A bills payable account is prepared to ascertain bills __________.

75. Bills receivable dishonored will be posted in ___________.

83. Cash account opening balance will appear in _______.

84. Cash account closing balance will appear in __________.

85. Bills payable account closing balance will appear in ____________.

86. Bills receivable account opening balance will appear in _________.

87. An agreement of sale is made under ________.

88. Under which system, ownership is transferred on payment of final installment

89. Under hire purchase system the buyer is called _________.

93. Under hire purchase system, the agreement can be _________.

94. Installment system is governed by _______

96. Cash price plus interest is _________.

98. Under hire purchase system, interest is calculated on _______.

108. The average clause in a loss of profits policy protects by _______.

109. Debtor ledger is meant for keeping _________.

110. Creditors ledger is meant for keeping __________.

111. Errors can be easily found out if ____________ system is maintained.

114. The amount which is appropriated out of profit is ________.

115. Which one of the following is an example of reserve

116. Which one of the following is an example of provision