Question # 1

Depreciation value of an asset is equal to

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cost + scrape value

cost + market value

cost - scrap value

none of the given

Which of the financial statement DO NOT show the financial health of a business at specific date?

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Profit and Loss account

Balane Sheet

Statement of financial position

Which of the following account will be credit,if business sold goods for Rs 10,000 on credit?

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Cash account

Sales account

account receivable account

purchase account

Which of the following is NOT include in the specimen of a payment voucher?

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Name of organization

cash payment amount

date of transaction

Bank receipt

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

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1,2

2,3

1,3

1,2,3

What type of expense are paid out of gross profit?

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Selling expenses

general expenses

financial expenses

All of the above

If a business purchase machinery for rs 30000 on 31 january 2008 having life of 8 years,this expenses will be realized under the concept of accrual accounting

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for the year 2008 only

for the last day of 10th year only

over 10 year

nothing can be said about it

The area of accounting concerned with reporting financial information to the interested parties is called

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cost accounting

financial accounting

management accounting

tax accounting

A decrease in value of a fixed asset due to age ,wear and tear is known as

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depreciation

accumulated depreciation

WDV

The amount of depreciation charged on machinery will be debited to:

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machinery account

depreciation account

cash account

Gross profit>Operating expenses=?

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Net profit

Cost of loss sold

Net loss

Gross loss

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