| 1 |
A gradual decrease in the value of fixed assets is called |
- A. Reduction
- B. Revaluation
- C. Deprecation
- D. None of these
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| 2 |
When bank column of a cash book shows a credit balance, it means: |
- A. Cash balance
- B. Bank balance
- C. Under draft
- D. Over draft
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| 3 |
The expenses which are incurred for the generation of revenues from the sales of goods are called |
- A. Non-operating expenses
- B. Selling expenses
- C. Operation expenses
- D. Administrative expenses
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| 4 |
For every debit, there is a credit |
- A. going concern concept
- B. dual aspect concept
- C. matching concept
- D. cost concept
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| 5 |
Bank Reconciliation represents |
- A. A Journal
- B. A Ledger
- C. A Statement
- D. both a and c
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| 6 |
The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points: |
- A. Rs. 200 will be deducted
- B. Rs. 200 will be added
- C. Rs. 400 will be added
- D. Rs. 400 will be deducted
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| 7 |
Error due to wrong allocation as expenditure between capital and revenue is regarded as: |
- A. Error of omission
- B. Error of principle
- C. Compensating errors
- D. Error of Commission
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| 8 |
Wages paid for 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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| 9 |
At the time of drawing a bill the drawer credits: |
- A. Debtors account
- B. Creditors account
- C. bill receivable account
- D. Suppliers account
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| 10 |
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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