Scribd Logo
Upload

Welcome to Scribd!

  • 1 views

    Acct Part One 2022

    Uploaded by

    imtiaz79ahmed
    intermediate accounting paper

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Acct Part One 2022

    Uploaded by

    imtiaz79ahmed
    1 views2 pages
    intermediate accounting paper

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    intermediate accounting paper

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    1 views2 pages

    Acct Part One 2022

    Uploaded by

    imtiaz79ahmed
    intermediate accounting paper

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 2

    GOVT.

    GRADUATE COLLEGE TOWNSHIP, LAHORE


    Name: __________________________ Roll No.______________ Section: __________________
    Principles of Accounting (I.COM Part I)
    Time Allowed: 30 Mins Max Marks: 20

    OBJECTIVE TYPE
    Question # 1: (20*1 = 20)

    01: Goods taken away by proprietor should be debited to:


    a) Capital A/c b) Purchases A/c c) Drawings A/c d) Cash A/c
    02: Excess of credit over debit is called:
    a) Debit balance b) Credit balance c) Closing balance d) Opening
    balance
    03: Bank column of Cash Book shows:
    a) Credit balance b) Debit balance c) Nil balance d) Both (a)
    and(b)
    04: A contra entry appears on both sides of:
    a) Journal b) Cashbook c)Trial balance d) Sales book
    05: Overdrawn balance of Cash Book is:
    a) Debit b)Credit c)Favourable d) None ofthese
    06: Goods returned to Ahmad should be debited to:
    a) Sales return A/c b) Ahmad account c)Purchase return A/c d) Purchase
    account
    07:All the transactions related to credit purchases are recorded in:
    a)Purchases returns book b) Purchases book c) Cashbook d) Credit
    notebook
    08:Abookwhichisusedtorecordsmallexpensesiscalled:
    a)Expenses book b) Cashbook c) Petty cashbook d) Purchases
    book
    09: Bank Reconciliation Statement is prepared by:
    a) Banker b) Customer’s accountant c) Auditors d)Manager
    10: A customer’s cheque returned dishonored is recorded in:
    a) Return out word book b) Return inward book c) Bill receivable book d) Cash book
    11: A person to whom credit sales are made is called:
    a) Debtor b)Creditor c) Banker d)Owner
    12: According to this concept, it is assumed that business will exist for an indefinite time period:
    a)Realization Concept b)Going concern concept c)Business entity concept d) None
    13: All events, which are related to business, are measured
    a) Kilograms b)Money c) Quality d)Quantity
    14: How many branches of accounting are:
    a) Two b)Three c) Four d)Five
    15: A summary of transactions relating to a person or thing:
    a) Accounting b)Book-keeping c) Account d)Accountancy
    16: The price of goods sold and services provided during an accounting period is called:
    a) Expense b)Drawings c) Revenue d) All ofthese
    17: Banking is an example of business:
    a) Trading b)Manufacturing c) Services d) All ofthese
    18: Rent, salaries and wages paid are:
    a) Nominal a/c b) Real a/c c) Personal a/c d) None of above
    19: Increase in assets is recorded as:
    a) Debit b)Credit c) Negative d)Positive
    20: Loss of goods by fire should be credited to:
    a) Purchases A/c b) Loss by fire A/c c) Sales A/c d) None of these
    GOVT.GRADUATE COLLEGE TOWNSHIP, LAHORE
    Name: __________________________ Roll No.______________ Section: __________________
    Principles of Accounting (I.COM Part I)
    Time Allowed:2:30 Hours Max Marks: 80

    SUBJECTIVE TYPE
    (Section I)
    Question # 2:Define the following Questions. (AttemptAny 5) (2*5 = 10)
    1. Define Accounting.
    2. Define Cash Discount.
    3. Define Transaction.
    4. Define Double Entry System.
    5. Why a journal is called a book of original entry?
    6. Define Liabilities.
    7. What is Merchandise?
    8. Define Expense?
    Question # 3: Define the following terms. (Attempt Any 5) (2*5 = 10)
    1. Define Sales Journal.
    2. Define Trial Balance.
    3. Define entry.
    4. Define Current Account.
    5. Define Dishonored Cheque.
    6. Define Unpresented Cheque.
    7. What is bill of exchange?
    8. What is Pass Book

    (Section II)(AttemptAny 3 Questions) (20*3 = 60)


    Question # 4: Prepare Treble Column Cash Book From The Following Data
    2021
    March 1. Cash in hand Rs. 30,000; Cash at Bank Rs.40,000
    March 5. Received cheque from A. Rs.10,000.
    March 12. Cash purchases Rs. 8,000 less 10% Trade discount
    March 20. Cash sales Rs. 2,000
    March 22. Withdrawn from the bank Rs. 8,000
    March 23. Received from X cash Rs. 3,000 and cheque Rs. 5,000. Cheque deposited into the bank
    on the same day.
    March 24 Cheque received from Hashim for Rs. 1000 and discount allowed Rs.50
    March 25. Received cheque for sale of old machinery and banked Rs. 8,000
    March 28. Paid to Y cash Rs. 2,000 and cheque Rs. 3,000
    March 30. Bank charges Rs. 500
    Question # 5: Prepare the Bank reconciliation Statement from the following data.
    1. Balance as per Cash Book(Overdrawn) Rs. 85,000
    2. Deposited cheques yet not collected and credited by bank Rs. 3,000
    3. Issued cheques yet not presented in the bank for payment Rs. 7,000
    4. Interest on investment collected by bank Rs. 1,800
    5. Collection charges charged by bank Rs. 50
    6. Interest on deposit credited by bank Rs. 300
    7. Insurance premium paid by bank Rs. 1,000
    8. Bill Receivable discounted and dishonored Rs 2000 but not recorded in Cash Book

    Question # 6: Make journal entries in the books of A and B.

    A sold goods to B for Rs.20,000/- on March 1,2022 and draws four bills of Rs. 5,000/- each for the
    amount due for one, two, three and four months. He retained the first bill, he discounted the second bill
    from his banker @10%, he endorsed the third bill in favour of his creditor C and sent the fourth bill to his
    banker for collection. On the due date all the bills are dishonor.

    Question # 7: Make necessary rectify entries from the following data


    1. Sales Book overcast Rs. 1000
    2. Purchase Book undercast Rs. 2000
    3. Rent paid Rs. 2000 posted twice in rent A/c
    4. Paid salaries Rs. 500 wrongly debited to wages A/c
    5. Bad debts Rs 500 recovered previously written off was debited to debtor personal A/c
    Question # 8: State that the following items are capital or revenue
    1. Wages paid on the installation of new machinery
    2. Sale of old plant
    3. Purchase of stationary
    4. Infrastructural changes made in existing building
    5. Cash paid for repair of plant.

    You might also like