| 1 |
Debts which are repayable in the course of less than one year bur more than one month are called |
- A. Quick liabilities
- B. Deferred liabilities
- C. Contingent liabilities
- D. Liquid liabilities
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| 2 |
Which of the following discloses the financial position of the business |
- A. Trading account
- B. Profit or loss account
- C. Profit or loss appropriation account
- D. Balance sheet
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| 3 |
Assets which have no market value are called |
- A. Wasting assets
- B. Fictitious assets
- C. Intangible assets
- D. Tangible assets
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| 4 |
Net sales are equal to sales minus |
- A. Returns inwards
- B. Returns outwards
- C. Cost of goods sold
- D. carriage on sales
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| 5 |
The price of goods sold or services rendered to the customers is called |
- A. Sale
- B. Profit
- C. Expense
- D. Revenue
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| 6 |
Expenses related to sale of goods are shown in |
- A. Trading account
- B. Profit or loss account
- C. Balance sheet
- D. Sales account
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| 7 |
An operating statement is similar to a |
- A. Balance sheet
- B. bank reconciliation statement
- C. Financial statement
- D. Profit or loss statement
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| 8 |
Drawings are deducted from |
- A. Sales
- B. Income
- C. Capital
- D. Expenses
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| 9 |
Excise duty is a |
- A. Direct revenue
- B. Indirect revenue
- C. Direct expense
- D. Indirect expense
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| 10 |
Gross profit equals to |
- A. Net profit minus expenses
- B. Sales minus closing stock
- C. Purchases minus closing stock
- D. Sales minus cost of goods sold
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