| 1 |
The debts, the recovery or realization of which is uncertain are known as |
- A. Bad bets
- B. Doubtful debts
- C. Provision for doubtful debts
- D. Loan
|
| 2 |
Patent is an example of |
- A. Assets
- B. Liabilities
- C. Income
- D. Expense
|
| 3 |
Net profit is always |
- A. Equal to gross profit
- B. More than gross profit
- C. Less than gross profit
- D. None of these
|
| 4 |
A gradual decrease in the value of fixed assets is called |
- A. Reduction
- B. Revaluation
- C. Deprecation
- D. None of these
|
| 5 |
The accrued income or outstanding income will appear in the balance sheet as |
- A. An expense
- B. A liability
- C. An asset
- D. Both a & b
|
| 6 |
All those expenses which have not become due but paid in advance are called |
- A. Accrued expenses
- B. Outstanding expenses
- C. Prepaid expenses
- D. Payable expenses
|
| 7 |
Provision for the doubtful debts is debited to |
- A. Debtors a/c
- B. Provision for bad debts a/c
- C. Profit or loss a/c
- D. Bad debts recovered a/c
|
| 8 |
Outstanding expense given in adjustment is called |
- A. An asset
- B. A gain
- C. An expense
- D. A liability
|
| 9 |
Interest on drawings is |
- A. An asset
- B. A liability
- C. An expense
- D. A revenue
|
| 10 |
An income which has earned but not received is called |
- A. Unearned income
- B. Accrued revenue
- C. Revenue received in advance
- D. None of these
|
