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1. Which of the following is an one sided error?

A. 500 purchase of old equipment not recorded in the books of A/c at all
B. 500 being expense on travelling expense credited to travelling expenses
C. Both
D. None

2. Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?

A. Added, Reduced
B. Added, Added
C. Deducted, Added
D. Deducted, Deducted

3. Cash book records?

A. Only cash sales
B. All types of cash receipts and payments
C. Only revenue receipts
D. Only capital receipts

4. In a three column cash book_______________does not exist?

A. Cash column
B. Bank column
C. Petty cash column
D. Discount column

5. Which of these transactions will not be recorded in cash book?

A. Cash received from debtors
B. Cash paid to creditors
C. Salary remained outstanding
D. Cash deposited with bank

6. The closing balance of a petty cash book is a / an___________?

A. Liability
B. Gain
C. Assets
D. Loss

7. Which column of a cash book will not have credit balance___________?

A. Bank column
B. Discount column
C. Cash column
D. None

8. Petty cash balance is a/an___________?

A. Assets
B. Expenditure
C. Liability
D. None

9. Which of these is a Part of cash in hand?

A. Postage stamps
B. B/R
C. Cheque Deposited with Bank
D. B/R endorsed

10. Which of the following is a Real A/c?

A. Salary A/c
B. Bank A/c
C. Building A/c
D. Goodwill A/c