| 1 |
Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will. |
- A. Increase the net profit
- B. Decrease the net profit
- C. Have double effect on net profit
- D. Have no effect on net profit
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| 2 |
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
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| 3 |
Receipts, which are non-recurring by nature, are called |
- A. revenue receipts
- B. current receipts
- C. capital receipts
- D. capital profit
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| 4 |
Which one of the following is appeared in the balance sheet ? |
- A. revenue expenditure
- B. capital expenditure
- C. deferred revenue
- D. both b,c
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| 5 |
A credit sale was wrongly passed through purchases book, the rectification of the entry will: |
- A. Increase the net profit by, double amount
- B. Decrease the net profit
- C. Decrease the net profit by double amount
- D. Have no effect on the net profit
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| 6 |
Capital contributed by the partners is a: |
- A. Revenue receipt
- B. Capital receipt
- C. Current receipt
- D. Deferred receipt
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| 7 |
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
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| 8 |
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
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| 9 |
The process of totaling the data at the end of the period is called |
- A. posting
- B. casting
- C. compensating
- D. recording
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| 10 |
The profit which is earned during the ordinary course of business is regarded as: |
- A. Capital profit
- B. Revenue profit
- C. Revenue loss
- D. Long term profit
|