Question # 1

An asset that is not physical in nature is called ____

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intangible asset

liquid assets

current asset

Which of the following account will be credited ,if business bought goods on credit from Mr.Ali?

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Purchase account

Mr.Ali account

Cash account

Sale account

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

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Pass book

Cash book

Purchase book

Sales book

Cost incurred for the maintenance of the shop is considered as

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Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

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

Under the reducing balance method of depreciation :

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Amount of depreciation increase every year

Amount of depreciation remains constant for every year

Amount of depreciationdecrease every year

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

In accounting accumulated depreciation is :

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Treated as reserve

Treated as a contra asset

Treated as surplus

Treated as expense

The amount brought propritier in the business should be credited to

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cash account

capital account

drawing account

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

We can say that business in profit when

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Assets exceeds expenditure

Assets exceeds liabilities

income exceeds expenditure

income exceeds liabilities

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