Question # 1

Word credit is derived from

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English

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Chinese

Which of the following is not an item of Balance Sheet?

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Accounts receivable

accounts payable

sales revenue

marketable securities

Which of the following account will be credited if business purchased a vehicle on cash?

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vehicle account

cash account

bank account

The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as

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Appreciation

Depreciation

Fluctuation

None of the gievn

Which of the following is NOT an example of current Asset?

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Bank draft

Accounts Receivable

Notes Receivable

Prepaid Expenses

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

Gross profit>Operating expenses=?

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Net profit

Cost of loss sold

Net loss

Gross loss

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

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

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 statement is NOT TRUE about current liabilities?

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These are due with in one year

These are short term loans

These are consists of all debts,payable after 12 months

In working capital, these are deducted from current assets

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