| 1 |
Net loss is always |
- A. Equal to gross loss
- B. More than gross loss
- C. Less than gross loss
- D. None of these
|
| 2 |
An income which has earned but not received is called |
- A. Unearned income
- B. Accrued revenue
- C. Revenue received in advance
- D. None of these
|
| 3 |
From business point of view, Interest on capital is considered as |
- A. An income
- B. An expense
- C. A profit
- D. A liability
|
| 4 |
The amount becomes due from the customers is called |
- A. Allowance
- B. Loan
- C. Debts
- D. Doubtful debts
|
| 5 |
All those expenses which have not become due but paid in advance are called |
- A. Accrued expenses
- B. Outstanding expenses
- C. Prepaid expenses
- D. Payable expenses
|
| 6 |
Bad debts recovered from debtors should be credited to |
- A. Debtors a/c
- B. Bad debts a/c
- C. Bad debts recovered a/c
- D. Cash a/c
|
| 7 |
Deprecation is |
- A. A Liability
- B. A loss
- C. An expense
- D. Both b & c
|
| 8 |
All those expenses which have become due but not paid are called |
- A. Accrued revenue
- B. Prapaid revenue
- C. Outstanding expenses
- D. Advance expenses
|
| 9 |
Income tax paid is a |
- A. Business expense
- B. Revenue for business
- C. Liability of business
- D. Personal expense
|
| 10 |
Interest on drawings is |
- A. An asset
- B. A liability
- C. An expense
- D. A revenue
|
