Guess Papers

Class 1st Year Accounting Guess Paper Commerce |

Important Questions:Section A: (Multiple Choice Questions)Note: Attempt all questions from this section.Q.1:- Choose the correct answer for each from the given option:i) Discount on list price or catalogue price is known as: 1. Sales discount 2. Early settlement discount 3. Purchases discount 4. Trade discountii) Mathematical error in the preparation of ledger can be detected with the help of : 1. Financial statements 2. General journal 3. Special journals 4. Trial Balanceiii) Which of the following best describes "Sales" 1. Old Office equipment 2. Merchandise sold on cash only 3. Merchandise sold on credit only 4. Merchandise sold on cash and creditiv) If an account shows a credit balance that account represents: 1. Revenue 2. Liabilities 3. Owner's Equity 4. All of the abovev) The process of recording transactions in chronological order is called: 1. Posting 2. Journalizing 3. Balaning 4. Transferringvi) Trial balance can be best describe as: 1. It is a part of financial statements 2. It shows a list of balances of all accounts 3. It shows a financial performance of business 4. It shows financial position of businessvii) The balance brought forward in the Bank Account in the condition of overdraft is on the: 1. Debit side 2. Credit side 3. May be on either side 4. None of the aboveviii) Which of the following is returns outwards: 1. Goods purchased from suppliers 2. Goods returned by customers 3. Goods taken by customers 4. Goods returns to suppliersix) Which of the following ia a contra entry: 1. Cash is deposited in to bank 2. Cash is withdrawn from bank for office use 3. Cheque deposited in to bank on any future date 4. All of the abovex) Which of the following represents clains to economic resources: 1. Assets, but not liabilities or owner's equity 2. Liabilities and owner's equity, but not assets 3. Liabilities, but not assets or...