GUESS 1ST YEAR PRINCIPLES OF ACCOUNTING (COMMERCE GROUP) ANNUAL EXAMS 2019 FOR ALL PUNJAB BOARDS

GUESS 1ST YEAR PRINCIPLES OF ACCOUNTING (COMMERCE GROUP) ANNUAL EXAMS 2019 FOR ALL PUNJAB BOARDS

***Guess***1st Year***Principles of Accounting***Commerce Group****************************************

Define accounting 

Define business 

Define voudier

What is cash transaction?

What is transaction?

Define journal folio

Define journal

Define real account with examples

 What is simple entry?

Define double entry system

Define ledger

What is meant by ledger folio?

Why is the ledger called “king of all the books of accounting”?

What is trial balance?

What is meant by gross profit?

What is meant by indirect expenses?

Define credits

What is meant by term 2/10, n/30?

What is a bank?

Define Commercial Bank

Define bank current account?

What is bank reconciliation statement?

Define bank Statement?

Define cheque?

What is meant by cheque dishonour?

What is omitted cheque?

What is meant by blank cheque?

Define uncollected cheque?

Define bills of exchange?

Which are main parties involved in a bill of exchange?

What is meant by retirement of bills of exchange?

How the bill of exchange is dishonoured?

Define discounting on bill of exchange?

Draw sketch of accounting cycle?

Define owner’s equity?

What is meant by trading account?

Define net loss?

What are direct expenses?

Define unearned income?

What adjusting entry will be passed for outstanding wages?

Define capital payment?

What is meant by capital receipt?

What is capital profit?

Define capital expenditures?

State rule of debit and credit for capital?

Define capital profit?

Give two examples of capital expenditures?

Define capital receipts?

What is meant by revenue expenditures?

What is meant by deferred revenue expenditures?

What is meant by “Errors of Commission”?

Define error of omission?

Give two examples of errors of principle?

Explain dual side error?

What is meant by error of posting?

Define the term Drawing?

What is meant by interest on drawings?

What is compound entry?

Define posting?

Pass the journal entry, goods given as charity Rs5,000?

Pass the journal entry purchase of building Rs80,000?

Draw a format of journal?

What is sales return journal?

Who is recipient of bill?

What is bill receivable?

Define sight bill?

What is meant by grace days for a bill?

What do you mean by endorsement of bill?

What is insolvency?

What is meant by contra entry?

Define purchase book?

Define cash book?

What is petty cash book?

What are petty expenses?

What is meant by treble / three column cash book?

Name the kinds of cash book?

What is meant by simple cash book?

Define final account?

Write down two names of final accounts?

Define balance sheet?

Define liabilities?

What is un-earned income?

What is trade discount?

Define debtor?

Define creditors?

Define pay-in-slip?

Define payee?

Define grace days?

Define intangible assets?

Define contingent assets?

What is meant by depreciation?

What is meant by suspense account?

Define book keeping?

Define proprietor?

Write down the basic equation of accounting?

State the formula of accounting equation?

What is sale?

What is promissory note?

What are parties in a promissory note?

Define accrued expenses?

What is revenue loss?

Give two examples of revenue receipts?

Define revenue receipt?

Define marshalling?

Define return outwards?

Define manufacturing business?

Define account?

Which books are issued by the bank to its customer at the time of opening bank account?

Define nominal accounts?

Define profit and loss account?

Define assets?

What are fixed assets?

What are wasting assets?

Define invoice?

What is credit note?