Accounting for Managers

531. Sale of old newspaper is to be shown on the credit side of the ______________.

1. cash book
2. income and expenditure
3. balance sheet
4. trading account

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532. Non-trading institutions prepare ______________.

1. profit and loss account
2. trading account
3. manufacturing account
4. income and expenditure account

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533. The process of recording financial transactions in the journal is called ______________

1. Journalizing
2. Utilizing
3. Posting
4. Balancing

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534. Accounting principles are generally based on ______________

1. practicability
2. Subjectivity
3. convenience in recording
4. Applicability

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535. Credit sales are recorded in ______________

1. sales book
2. cash book
3. journal proper
4. purchases book

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536. Debit balance in cash book means ______________

1. overdraft as per pass book
2. overdraft as per cash book
3. credit balance as per pass book
4. debit balance as per day book

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537. The balance of the petty cash book is ______________.

1. an asset
2. a liability
3. an income
4. an expenditure

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538. Preliminary expenses are an example of ______________

1. deferred Revenue Expenditure
2. revenue Expenditure
3. capital Expenditure
4. common expenditure

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539. Wages is an example of ______________

1. capital expenses
2. indirect expenses
3. direct expenses
4. revenue expenses

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540. A bill drawn and accepted for a genuine trade transaction is termed as a ______________ bill.

1. Trade
2. Time
3. Inland
4. Personal

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