Question # 1

Worksheet provides complete information for preparing

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Income statement

Position statement

Financial statement

Bank reconciliation statement

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

Capitalized expenditure are shown in

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Trading a/c

Profit or loss a/c

Income statement

Balance sheet

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

Which one of the following is appeared in the balance sheet

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Revenue expenditure

Capital expenditure

Deferred expenditure

Both b & c

All those expenses which have not become due but paid in advance are called

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Accrued expenses

Outstanding expenses

Prepaid expenses

Payable expenses

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

Any activity undertaken for the purpose of earning profit is called:

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Performance

Dealing

Business

Duties

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

The debts, the recovery of which is uncertain are called

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Unbelievable debts

unrealized debts

doubtful debts

both b and c

All cash purchases and cash sales are recorded in

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Cash book

Purchases book

Sales book

Purchases and sales book

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

Cash account is concerned with:

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Real account

Personal account

Nominal account

Capital account

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

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3250

1250

3750

1750

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