Question # 1

Bill receivable and debtor are

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Long term assets

Fictitious assets

Fixed assets

Current assets

Which of theses assets is an intangible asset

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Building

Cash

Furniture

Good will

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

Cash purchases are recorded in large organizations in

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Purchase day book

General journal

Purchase journal

Cash book

Carriage paid on goods sold is a

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Direct expense

Operating expense

General expense

Selling expense

Bank reconciliation represents

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Ledger

Statement

Journal

Both ledger and statement

Any activity undertaken for the purpose of earning profit is called

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Dealing

Business

Performance

Duties

The cost flow must match the

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Output

Outflow

Inflow

Workflow

Which ratio tells how many times in a year stock is used up and replaced?

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Gross profit ratio

Net profit ratio

Cost ratio

None of these

A--------------- is an account in which those transaction are entered which cannot be placed to their accounts

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Nominal account

Suspense account

Personal account

Debtor account

Work in process opening and closing inventory includes:-

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Arterial in process

Labour in process

F.o.H in process

All of the above

Deferred liabilities are debts which are repayable less than ----------

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One month

Six month

One year

None

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

Rebate is the --------- in the amount of bill paid

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Premium

Increase

Expense

Concession

What is negotiable instrument?

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A document which is not transferable

A document which is transferable

A document which is accepted

None

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

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