Question # 1

What type of expense are paid out of gross profit?

Choose an answer

Selling expenses

general expenses

financial expenses

All of the above

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

Choose an answer

Budgeting

costing

Management

Auditing

The area of accounting concerned with reporting financial information to the interested parties is called

Choose an answer

cost accounting

financial accounting

management accounting

tax accounting

Which of the following is an alternate term which can be used for "Capital"?

Choose an answer

Liability

Owner net worth

Asset

Working Capital

Which of the following is NOT prepared by Non Profit organization?

Choose an answer

Profit and loss account

Income and expenditure account

Receipts and payments accounts

Balance sheet

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 :

Choose an answer

Income statement

balance sheet

trail balance

cash book

Cash book is a part of

Choose an answer

Voucher

general ledger

general journal

Trail balance

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

Choose an answer

Trade and profit & loss account

cash flow statement

balance sheet

Which of the following is not depreciated?

Choose an answer

factory building

office equipment

Plant

Land

Income of the business includes:

Choose an answer

Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

Gross profit>Operating expenses=?

Choose an answer

Net profit

Cost of loss sold

Net loss

Gross loss

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

Choose an answer

Cash account

Furniture account

Motor account

all of the above

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

Choose an answer

Capital account

Sundry credit accounts

Cash account

If the cost of the sales is Rs 60,000 are Rs 95,000 and opening expenses are Rs 20,000 during the year.What would be the net profit?

Choose an answer

Rs 15000

Rs 35000

Rs 55000

Rs 60000

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

Choose an answer

Negative Balance

Debit Balance

Positive Balance

Credit Balance

Word credit is derived from

Choose an answer

Latin

English

French

Chinese

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

Choose an answer

original cost minus accumulated depreciation

original cost plus accumulated depreciation

original cost minus residual value

Commercial accounting is based on

Choose an answer

Single entry book keeping

Double entry book keeping

Both single and double entry book keeping

cash basic of book keeping

Cost incurred for the maintenance of shop in considered as

Choose an answer

revenue expenses

capital expenses

deferred expenses

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

Choose an answer

bank statement

income statement

bank reconciliation statement

The favourable balance of profit and loss account should be:

Choose an answer

added in liabilities

subtracted from current assets

Subtracted from liabilities

added in capital

More Classes

Other Links

MTH-501 Quiz Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer