Question # 1

Sales are equal to

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Cost of goods sold + Profit

Gross profit - cost of goods sold

Cost of goods sold - gross profit

None of these

Credit Balance of pass book must be equal to debit balance of

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Cash Book

Bank Ledger

Clients other Account

None of these

Which one of the following is appeared in the balance sheet ?

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revenue expenditure

capital expenditure

deferred revenue

both b,c

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

An income which has earned but not received is called

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Unearned income

Accrued revenue

Revenue received in advance

None of these

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

Expenditure, which helps to maintain the business efficiency is called

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Revenue expenditure

Deferred expenditure

Capital expenditure

Future expenditure

Pass book is prepared by

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Debtor

Creditor

Banker

Customer

The debts, the recovery of which is uncertain are called

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Unbelievable debts

unrealized debts

doubtful debts

both b and c

Trading account is the account which is prepared to determine the:

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Only gross profit of the business

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

Bookkeeping provides the

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primary information

secondary information

final information

insufficient information

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