| 1 |
The owner of the business is known as: |
- A. Sale man
- B. Agent
- C. Proprietor
- D. Employee
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| 2 |
Net sales - cost of goods sold - operating expenses = ? |
- A. Net purchases
- B. Cost of goods sold available for sale
- C. Net operating income
- D. Gross Profit
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| 3 |
Wages paid of installing a machine should be debited to |
- A. Wages a/c
- B. cash a/c
- C. Machinery a/c
- D. None of these
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| 4 |
Bill receivable book represents |
- A. Ledger
- B. Journal
- C. Trail balance
- D. All of above
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| 5 |
In journalizing the page numbers of the ledgers are written in: |
- A. The first column of journal
- B. The second column of journal
- C. The third column of journal
- D. The fourth column of journal
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| 6 |
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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| 7 |
It is prepared to determine the net profit or net loss |
- A. Trading account
- B. Profit or loss account
- C. Cash book
- D. Balance sheet
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| 8 |
A receipt is revenue in nature, if it relates to: |
- A. Balance sheet
- B. The receipt of accounting year
- C. Small amount
- D. Routine activity of the business
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| 9 |
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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| 10 |
It is the price of goods sold or services provided by a business to its customers |
- A. Asset
- B. Cost
- C. Capital
- D. Revenue
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