Question # 1

The debts, the recovery of which is uncertain are called

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Unbelievable debts

unrealized debts

doubtful debts

both b and c

Assets come into existence upon the happening of a certain event, are called:

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Fixed assets

Fictitious assets

Floating assets

Contingent assets

The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:

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Rs. 200 will be deducted

Rs. 200 will be added

Rs. 400 will be added

Rs. 400 will be deducted

Gross profit is derived from

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Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

The money with which business is started is known as:

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Capital

Creditor

Income

Debtor

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

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Rs. 20,00

Rs. 15,00

Rs. 25,00

Rs. 5,00

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

Gross profit represents

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Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

Goodwill, patent, copyright are classified as

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Current Assets

Fixed Assets

Tangible Assets

Wasting Assets

Loss of good by fire should be credited to:

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Purchase account

Sales account

Loss by goods by fire account

Capital account

Goods withdrawn by the proprietor for personal use should be credited to

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Purchase a/c

Drawings a/c

Expenses a/c

Revenue a/c

Interest on drawing is debited to

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Capital

Drawings

Sundry Creditors

Outstanding expense

The bad debts which are showed in the trial balance are called

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new bad debts

old bad debts

further bad debts

additional bad debts

The balance of the 'Caha Column' in cash book is always:

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Debit balance

Credit balance

Both debit and credit balance

None of the above

A bill from the point of view of a creditor is called a:

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Bill payable

Bill receivable

Bil acceptable

Bill rejectable

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

None of these

Income received in advance during the year is

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Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

Income tax paid is a

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Business Expense

Business Revenue

Business Liability

Personal Expense

Profit & Loss a/c is prepared to ascertain

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Gross Profit

Net Profit

Gross Loss

Real Profit

Net profit is always

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Equal to gross profit

more than gross profit

Less than gross profit

None of these

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