Question # 1

Accountancy cover which of the following series

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bookkeeping

accounting

auditing

all of the above

Gross profit>Operating expenses=?

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Net profit

Cost of loss sold

Net loss

Gross loss

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

If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added?

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cheaque deposited but not credit by the bank

Cheques omitted to be deposited into the bank

any amount directly collected by bank on behalf of customer but not recorded in cash book

Debit side cash book was overcast.

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

In a balance sheet fixed asset is shown at

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cost price

market value

fair value

written down value

While making income and expenditure account,excess of income over expenses in a specified accounting is called :

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Profit

Loss

Surplus

Deficit

Cost incurred for the maintenance of the shop is considered as

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Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

Accrued expenses are the example of

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Current liability

Long term liability

Capital expenses

If a business pays rent in 12 months mit will be treated as:

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Prepaid expenses of business

Long term liability of business

Fixed assets of business

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

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