Question # 1

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

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depreciation

accumulated depreciation

administrative expenses

operating expenses

Which of the following is NOT prepared by Non Profit organization?

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Profit and loss account

Income and expenditure account

Receipts and payments accounts

Balance sheet

Accrued expenses are the example of

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Current liabilities

Long term liabilities

Capital expenses

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

Firms chargers depreciation each year :

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To ensure there is enough money in the firm to replace the asset

To spread the cost of the asset over its working life

Because the law state must be reduced

Which of the following shows summary of a company financial position at a specific date?

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Profit and loss account

Cash flow statement

Balance Sheet

Bank book is a part of :

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Voucher

General journal

General ledger

trail balance

A book in which receipts and payments are recorded is known as

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Pass book

Cash book

Purchase book

Sales book

The cost of moving planet and machinery to a new site will be treated as:

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Revenue expenses

Capital expenses

Operating expenses

Administrative expenses

The stock of manufacturing concern consists of

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work in process inventory

raw material inventory

finished goods inventory

all of the given option

In cost of goods sold statement the total factory cost is equal to

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l cost of material + Labor cost

cost of material consumed + conversion cost

cost of material consumed + total factory cost

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