| 1 |
Suspense means |
- A. certainty
- B. uncertainty
- C. surly
- D. none of these
|
| 2 |
Premium on issue of shares of a company represents |
- A. capital loss
- B. capital profit
- C. capital payment
- D. none of these
|
| 3 |
Any expenditure incurred to increase the earning capacity of a business |
- A. capital expenditure
- B. capital loss
- C. revenue loss
- D. revenue expenditure
|
| 4 |
The outflow of funds to meet the running expenses of a business |
- A. Revenue loss
- B. Revenue expenditure
- C. capital expenditure
- D. capital loss
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| 5 |
The capital profit should be transferred to: |
- A. Profit and loss account
- B. Trading account
- C. Balance Sheet
- D. Both Trading and profit and loss account and balance sheet
|
| 6 |
If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be |
- A. overstated by Rs. 3,000
- B. understated by Rs. 6,000
- C. understated by Rs. 3,000
- D. overstated by Rs. 6,000
|
| 7 |
An error completely omitted to be entered in the journal |
- A. partial error
- B. error of posting
- C. error of casting
- D. complete error
|
| 8 |
Unearned income are known as: |
- A. Incomes
- B. Expenses
- C. Liabilities
- D. Assets
|
| 9 |
Receipts, which are non-recurring by nature, are called |
- A. revenue receipts
- B. current receipts
- C. capital receipts
- D. capital profit
|
| 10 |
Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to: |
- A. Assets account
- B. Expenses account
- C. Cash account
- D. Purchases account
|