| 1 |
Any activity undertaken for the purpose of earning profit is called: |
- A. Performance
- B. Dealing
- C. Business
- D. Duties
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| 2 |
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called |
- A. Retirement of Bill
- B. Endorsement of a Bill
- C. Discounting of a Bill
- D. Settlement of a Bill
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| 3 |
Nominal account are related to: |
- A. Assets and liabilities
- B. Expenses, losses and incomes
- C. Customers, creditors etc
- D. Capital account
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| 4 |
When a drawer discounts a bill, he debits |
- A. Bank Account
- B. Interest Account
- C. Drawee Account
- D. Bill Receivable Account
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| 5 |
A bank reconciliation statement is prepared by: |
- A. banker
- B. Accountant of the business
- C. Statutory auditors
- D. Rigistar
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| 6 |
A Journal is generally kept on: |
- A. A columnar basis
- B. A row basis
- C. A single line basis
- D. Vertical basis
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| 7 |
The concept of conservation will have the effect of: |
- A. Understatement of assets
- B. Under statement of liabilities
- C. Overstatement of assets
- D. None of the above
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| 8 |
When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called |
- A. Honoured Bill
- B. Retired Bill
- C. Dishonoured Bill
- D. Endorsed Bill
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| 9 |
How many parties are involved in case of Discounting of a bill ? |
- A. Two
- B. Three
- C. Four
- D. None of these
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| 10 |
A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is: |
- A. Rs.10,000
- B. Rs.20,000
- C. Rs,30,000
- D. Rs. 40,000
|