Question # 1

The basic purpose of depreciation is to achieve the :

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matching principle

Dual aspect principle

separate entity concept

The main goal of bank reconciliation statement is:

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If the discrepancy is due to error rather than timing

If the discrepancy is due to timing rather than error

If the discrepancy is due to error rather than amount

If the discrepancy is due to amount rather than timing

According to double entry system of accounting,an accounting that obtain benefit is

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Debit

Credit

Income

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :

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Budgeting

costing

Management

Auditing

An informal accounting statement that lists the ledger account balance at a time and compare the total of debit balance with the total of credit balance is known as :

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Income statement

balance sheet

trail balance

cash book

Cash book is a part of

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Voucher

general ledger

general journal

Trail balance

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

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Bank draft

Accounts Receivable

Notes Receivable

Prepaid Expenses

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 price paid for an item , in terms of currency is called

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Sale

Cost

Debt

Revenue

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

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

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