Question # 1

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

Bank book is a part of :

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Voucher

General journal

General ledger

trail balance

Depreciation arises because of :

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Fall in the market value of an asset

Fall in the value of money

Physical wear and tour

All of the above

In which of the following condition a company will have positive working capital?

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if current assets> current liabilities

if current assets < current liabilities

if current assets = current liabilities

if current assets <= current liabilities

Which of the following account balance will be shown on debit side of trail balance ?

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Capital account

Sundry credit accounts

Cash 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 is NOT include in the specimen of a payment voucher?

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Name of organization

cash payment amount

date of transaction

Bank receipt

Which of the following is the example of direct material cost?

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Polish and finish material for chair

A piece of wood for the production of wood

Production worker wages

Depreciation expenses

Accrued expenses are the example of

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Current liabilities

Long term liabilities

Capital expenses

All the cost incurred on the incomplete assets up to the balance sheet date must be transferred to:

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Capital account

Capital work in progress

Relevant asset account

_____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction

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Present Value

Fair Value

Book Value

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