| 1 |
The concession given by the supplier to the buyer on purchases of good is known as: |
- A. Sales discount
- B. Trade discount
- C. Purchase discount
- D. Discount received
|
| 2 |
The debts, the recovery of which is uncertain are called |
- A. Unbelievable debts
- B. unrealized debts
- C. doubtful debts
- D. both b and c
|
| 3 |
The account of depreciation of building of Rs. 30,000 at 5% p.a. will be |
- A. Rs. 20,00
- B. Rs. 15,00
- C. Rs. 25,00
- D. Rs. 5,00
|
| 4 |
Bad debts recovered should be credited to |
- A. Balance Sheet
- B. Trading a/c
- C. Profit & Loss a/c
- D. None of these
|
| 5 |
Income received in advance during the year is |
- A. Prepaid Expenses
- B. Accrued Income
- C. Advance Expenses
- D. Advance Income
|
| 6 |
Interest paid on loan is |
- A. Abnormal Loss
- B. Financial Expenses
- C. Management Expenses
- D. Maintenance Expenses
|
| 7 |
Wages paid for installing a machine should be debited to |
- A. Wages a/c
- B. Cash a/c
- C. Machinery a/c
- D. none of these
|
| 8 |
Interest on drawing is debited to |
- A. Capital
- B. Drawings
- C. Sundry Creditors
- D. Outstanding expense
|
| 9 |
Profit & Loss a/c is prepared to ascertain |
- A. Gross Profit
- B. Net Profit
- C. Gross Loss
- D. Real Profit
|
| 10 |
Financial accounting is mainly confined to preparation of: |
- A. Manufacturing statement
- B. Financial statements
- C. Production statement
- D. Sale statement
|
