Question # 1

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

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

Bank reconciliation statement is :

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a memorandum statement

a ledger account

a part of cash book

a part of journal

Gross profit>Operating expenses=?

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Net profit

Cost of loss sold

Net loss

Gross loss

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

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

Accrued expenses are the example of

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Current liabilities

Long term liabilities

Capital expenses

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

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machinery account

depreciation account

cash account

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

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Budgeting

costing

Management

Auditing

Which of the following is non profit-able organization?

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Partnership

Trust

Limited Company

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

Double entry accounting system include:

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Accrual accounting only

Cash accounting only

Both A and B

^{None of the given}

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

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Sale

Cost

Debt

Revenue

Which of the following account will be credited,when the goods are purchase on cash?

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Stock Account

Cash Account

Supplier Account

Work in process account

Firm charges 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 file

because the law states they must be reduced

Economic resource owned by a business and expected to benefit for the future operation are called :

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Expenses

Assets

Capital

In accounting accumulated depreciation is :

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Treated as reserve

Treated as a contra asset

Treated as surplus

Treated as expense

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

Accountancy cover which of the following series

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bookkeeping

accounting

auditing

all of the above

Bank book is a part of :

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Voucher

General journal

General ledger

trail balance

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

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bank statement

income statement

bank reconciliation statement

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