| 1 |
Net profit is always |
- A. Equal to gross profit
- B. More than gross profit
- C. Less than gross profit
- D. None of these
|
| 2 |
A prepaid expense is |
- A. An asset
- B. A liability
- C. An expense
- D. An income
|
| 3 |
The debts, the recovery or realization of which is uncertain are known as |
- A. Bad bets
- B. Doubtful debts
- C. Provision for doubtful debts
- D. Loan
|
| 4 |
Patent is an example of |
- A. Assets
- B. Liabilities
- C. Income
- D. Expense
|
| 5 |
Income tax paid is a |
- A. Business expense
- B. Revenue for business
- C. Liability of business
- D. Personal expense
|
| 6 |
Bad debts are business |
- A. Expenses
- B. Liabilities
- C. Assets
- D. Revenue
|
| 7 |
Interest due but not received is an |
- A. Outstanding expense
- B. Accrued income
- C. Prepaid expense
- D. Unearned income
|
| 8 |
From business point of view, Interest on capital is considered as |
- A. An income
- B. An expense
- C. A profit
- D. A liability
|
| 9 |
The revenue that has not become due, but received in cash in current year is known as |
- A. Revenue received in advance
- B. Accrued revenue
- C. Unearned revenue
- D. Both a & c
|
| 10 |
Outstanding expense given in adjustment is called |
- A. An asset
- B. A gain
- C. An expense
- D. A liability
|
