| 1 |
Profit & Loss a/c is prepared to ascertain |
- A. Gross Profit
- B. Net Profit
- C. Gross Loss
- D. Real Profit
|
| 2 |
Assets come into existence upon the happening of a certain event, are called: |
- A. Fixed assets
- B. Fictitious assets
- C. Floating assets
- D. Contingent assets
|
| 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 |
Goodwill, patent, copyright are classified as |
- A. Current Assets
- B. Fixed Assets
- C. Tangible Assets
- D. Wasting Assets
|
| 5 |
The person to whom a bill is addressed is the: |
- A. Debtor
- B. Creditor
- C. Holder
- D. Agent
|
| 6 |
The money with which business is started is known as: |
- A. Capital
- B. Creditor
- C. Income
- D. Debtor
|
| 7 |
A bill from the point of view of a creditor is called a: |
- A. Bill payable
- B. Bill receivable
- C. Bil acceptable
- D. Bill rejectable
|
| 8 |
Any mistake in ledger can be easily detected with the help of: |
- A. Journal
- B. Balance sheet
- C. Trial balance
- D. Financial statement
|
| 9 |
The creditor of the business are called: |
- A. Assets
- B. Liabilities
- C. Capital
- D. Income
|
| 10 |
The const concept applied only to the assets and not to: |
- A. Expenses
- B. Liabilities
- C. Incomes
- D. None of these
|
