Question # 1

Cash book is a part of

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Voucher

general ledger

general journal

Trail balance

The amount of depreciation charged on machinery will be debited to:

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machinery account

depreciation account

cash account

What type of expense are paid out of gross profit?

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Selling expenses

general expenses

financial expenses

All of the above

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

Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business?

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40000

60000

30000

10000

The time span in which financial statements of the business are prepared is called

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Financial year

Accounting period

Business life cycle

Accounting Cycle

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

A summarized record of transaction related to individual or things is called a

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Account

Voucher

Journal

Trail Balance

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

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Sale

Cost

Debt

Revenue

Following are the inventories of Manufacturing Concern EXCEPT

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Raw material

work in process

finished goods

merchandise inventory

In cost of goods sold statement the total factory cost is equal to

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l cost of material + Labor cost

cost of material consumed + conversion cost

cost of material consumed + total factory cost

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

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Bank draft

Accounts Receivable

Notes Receivable

Prepaid Expenses

Which of the following is not depreciated?

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factory building

office equipment

Plant

Land

What would be the affects on component of the accounting equation if goods are purchased on cash?

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increase in cash and decrease in equity

increase in cash and increase in goods

increase in cash and decrease in goods

Depreciation value of an asset is equal to

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cost + scrape value

cost + market value

cost - scrap value

none of the given

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

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

An asset that is not physical in nature is called ____

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intangible asset

liquid assets

current asset

Which of the following statement is NOT TRUE about current liabilities?

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These are due with in one year

These are short term loans

These are consists of all debts,payable after 12 months

In working capital, these are deducted from current assets

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

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