[{"id":99341,"question":"The amount invested by the owner in the business to produce revenue is known as","choices":[{"text":"Income","value":"A"},{"text":"Asset","value":"B"},{"text":"Capital","value":"C"},{"text":"Liability","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99340,"question":"From the business point of view, interest on drawings is","choices":[{"text":"An asset","value":"A"},{"text":"An expense","value":"B"},{"text":"A liability","value":"C"},{"text":"A revenue","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":99339,"question":"Allowance for doubtful debts normally has a","choices":[{"text":"Debit balance","value":"A"},{"text":"Credit balance","value":"B"},{"text":"Both debit & credit balance","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":99338,"question":"Allowance for discount on account receivable is calculated on the amount of account receivable","choices":[{"text":"Before deducting the allowance for doubtful debts","value":"A"},{"text":"Left after deducting the allowance for doubtful debts","value":"B"},{"text":"Before deducting the actual bad debts","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":99337,"question":"Which one of the following is a direct expense?","choices":[{"text":"Packing expense","value":"A"},{"text":"Advertisement expense","value":"B"},{"text":"Manufacturing expense","value":"C"},{"text":"Traveling expense","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99336,"question":"Income statement is prepared to ascertain the net result of the business concern under","choices":[{"text":"British accounting system","value":"A"},{"text":"American accounting system","value":"B"},{"text":"Cash system of accounting","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":99335,"question":"Net sales - cost of goods sold - operating expenses = ?","choices":[{"text":"Net purchases","value":"A"},{"text":"Cost of goods sold available for sale","value":"B"},{"text":"Net operating income","value":"C"},{"text":"Gross Profit","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99334,"question":"All expenses connected with the office and its conduct are called","choices":[{"text":"Selling expenses","value":"A"},{"text":"Marketing expenses","value":"B"},{"text":"Service expenses","value":"C"},{"text":"Administrative expenses","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":99333,"question":"The expenses which are incurred for the generation of revenues from the sales of goods are called","choices":[{"text":"Non-operating expenses","value":"A"},{"text":"Selling expenses","value":"B"},{"text":"Operation expenses","value":"C"},{"text":"Administrative expenses","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99332,"question":"The margin that is available to cover the other expenses for a period and to yield net income is known as","choices":[{"text":"Net profit","value":"A"},{"text":"Gross profit","value":"B"},{"text":"Net sales","value":"C"},{"text":"Cost of goods sold","value":"D"},{"value":"E"}],"correctAnswer":2}]