The Global Open University 2012-1st Year M.B.A Global open University of Accounting and Financial Administration - Question Paper

40. What should be credited, if salary
is paid to Sohail?
choose accurate choice
a. Sohail account
b. Salaries account
c. cash account
d. Drawing account
41. Net Profit = Income –
a. Liabilities
b. Assets
c. Expenses
d. Capital
42. An accounting system is used by a
business to
a. Analyze transactions
b. Handle routine bookkeeping tasks
c. Structure info
d. All of provided choices
43. obtain out the missing value of an
Accounting formula with the help of
provided data: Owner's equity Rs. 22,500
Total Liabilities Rs. 80, 385 Cash Rs.
1,000 Bank Rs. 2,000 Debtors Rs. 500
a. Rs. 102,885 other assets
b. 102,885 current liabilities
c. 99,885 current liabilities
d. 99,385 other assets
44. Which of the subsequent account
summarizes the profitability of
business for a specific accounting
period?
a. Profit and loss account
b. Cash flow statement
c. Receipt & Payment account
d. Balance Sheet
45. What will be debited, if Mohsin
commenced business with cash?
choose accurate choice
a. Cash account
b. Capital account
c. Drawings account
d. Proprietor account
46. When total liabilities are subtracted
from total assets the remaining amount is
known as
a. Equity or net assets
b. Net income or net loss
c. Total expenses
d. Total revenue
47. While making Profit & Loss
account, Excess of expenses over
income in a specified accounting
period is called
a. Profit
b. Loss
c. Surplus
d. Deficit
48. In which of the subsequent all
vouchers are first
recorded___________.
a. General journal
b. General Ledger
c. Balance Sheet
d. Trial Balance
49. What should be credited, if rent
paid in cash?
a. Landlord's account
b. Rent account
c. Cash account
d. Accounts receivable account
50. What will be debited, If Mr. "A"
started business with Rs. 2, 00,000
a. Capital account
b. Cash account
c. Mr. A's account
d. Business account
51. The term "Debit" is derived from
language choose accurate choice
a. Latin
b. English

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