Question # 1

The product that are ready for sale are known as

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raw material

work in process

finished in goods

closing stock

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 asset which have limited useful life are termed as :

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Limited assets

Depreciation assets

Unlimited assets

None of the given option

Income of the business includes:

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Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

Bank reconciliation statement is :

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a memorandum statement

a ledger account

a part of cash book

a part of journal

Accrued expenses are the example of

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Current liabilities

Long term liabilities

Capital expenses

While making income and expenditure account,excess of income over expenses in a specified accounting is called :

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Profit

Loss

Surplus

Deficit

An asset that is not physical in nature is called ____

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intangible asset

liquid assets

current asset

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

We can say that business in profit when

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Assets exceeds expenditure

Assets exceeds liabilities

income exceeds expenditure

income exceeds liabilities

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