Question # 1

Assets which have no physical existence are called

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Tangible assets

Fictitious assets

Liquid assets

Intangible assets

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

Profit & Loss a/c is prepared to ascertain

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Gross Profit

Net Profit

Gross Loss

Real Profit

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

Transportation cost paid for the purchases of Machinery must be debited to

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Transportation cost account

Purchases account

Machinery account

Cash account

Unfavorable balances mean

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Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

Registraion of the firm.

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It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

The charter of the company containing the objects of whihc for company is being formed is called.

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Articles of association

Prospectus

Memorandum of associaton

Notice

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

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