Question # 1

Income of the business includes:

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Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

If a business pays rent in 12 months mit will be treated as:

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Prepaid expenses of business

Long term liability of business

Fixed assets of business

Cost incurred for the maintenance of shop in considered as

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revenue expenses

capital expenses

deferred expenses

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

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1,2

2,3

1,3

1,2,3

Bank reconciliation statement is :

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a memorandum statement

a ledger account

a part of cash book

a part of journal

In a balance sheet fixed asset is shown at

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cost price

market value

fair value

written down value

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

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

Cash book is a part of

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Voucher

general ledger

general journal

Trail balance

Which of the following is non profit-able organization?

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Partnership

Trust

Limited Company

Which one of the following is CORRECT about closing stock?

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It appears in the asset side of the balance sheet

it decrease the value of cost of goods sold

It becomes the opening stock of the next year

All of the above

Commercial accounting is based on

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Single entry book keeping

Double entry book keeping

Both single and double entry book keeping

cash basic of book keeping

Under the reducing balance method of depreciation :

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Amount of depreciation increase every year

Amount of depreciation remains constant for every year

Amount of depreciationdecrease every year

Which of the following account will be credited ,if business bought goods on credit from Mr.Ali?

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Purchase account

Mr.Ali account

Cash account

Sale account

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

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

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Interest expenses

Wages and salaries

Depreciation expenses

Discount allowed

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

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Cash account

Furniture account

Motor account

all of the above

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

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Expenses

Assets

Capital

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

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

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

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