Question # 1

Which of the following items appears in Trading account of business?

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Interest expenses

Wages and salaries

Depreciation expenses

Discount allowed

Net profit + expenses =______

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Liabilities

assets

capital

income

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

Word credit is derived from

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latin

english

french

chinese

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

In accounting accumulated depreciation is :

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Treated as reserve

Treated as a contra asset

Treated as surplus

Treated as expense

Which of the following financial statement summarizes the profitability of an organization for a particular period?

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Trade and profit & loss account

cash flow statement

balance sheet

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

_____ 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

A decrease in value of a fixed asset due to age ,wear and tear is known as

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depreciation

accumulated depreciation

WDV

Which of the following account will be credit,if business sold goods for Rs 10,000 on credit?

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Cash account

Sales account

account receivable account

purchase account

Which of the following shows summary of a company financial position at a specific date?

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Profit and loss account

Cash flow statement

Balance Sheet

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

____ is the detail of transaction in one account provided by the bank

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bank statement

income statement

bank reconciliation statement

The asset which have limited useful life are termed as :

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Limited assets

Depreciation assets

Unlimited assets

None of the given option

We can say that business in profit when

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Assets exceeds expenditure

Assets exceeds liabilities

income exceeds expenditure

income exceeds liabilities

Cost incurred for the maintenance of shop in considered as

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revenue expenses

capital expenses

deferred expenses

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

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Debit

Credit

Income

In an account if credit< debit side then the balance is known as

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Negative Balance

Debit Balance

Positive Balance

Credit Balance

Which one of the following is equal to the carrying cost of an asset?

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original cost minus accumulated depreciation

original cost plus accumulated depreciation

original cost minus residual value

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