| 1 |
According to accounting equation, capital is equal to |
- A. assets + liabilities
- B. expenses-incomes
- C. liabilities - assets
- D. assets - liabilities
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| 2 |
A basis of business languages |
- A. accounting
- B. bookkeeping
- C. transaction
- D. cost accounting
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| 3 |
The act result of the business activities is shown by: |
- A. Profit and loss account
- B. Profit and loss appropriation account
- C. Trading account
- D. Balance sheet
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| 4 |
Goods returned by customers are |
- A. purchases
- B. purchases returns
- C. sales returns
- D. sales
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| 5 |
The accounts of expenses, incomes, losses and gains |
- A. real accounts
- B. valuation accounts
- C. nominal accounts
- D. personal accounts
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| 6 |
The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are: |
- A. Error of principle
- B. Errors of omission
- C. Errors of commission
- D. Compensating error
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| 7 |
Expenses paid by a business decrease |
- A. cash
- B. capital
- C. cash & capital
- D. none of these
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| 8 |
An expenditure incurred to the increases the profit earning of the concern is a: |
- A. Revenue expenditure
- B. Current expenditure
- C. Capital receipt
- D. Capital expenditure
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| 9 |
The accounts of assets and properties |
- A. nominal accounts
- B. real accounts
- C. personal accounts
- D. valuation accounts
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| 10 |
Disagreement in balances may arise owing to mistake or mistakes in the: |
- A. Cash book only
- B. Bank statement
- C. Cash book or bank statement
- D. Bank column of the cash book only
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