| 1 |
Patent is an example of |
- A. Assets
- B. Liabilities
- C. Income
- D. Expense
|
| 2 |
Interest due but not received is an |
- A. Outstanding expense
- B. Accrued income
- C. Prepaid expense
- D. Unearned income
|
| 3 |
The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called |
- A. Cash system
- B. Accrual or mercantile system
- C. Outstanding system
- D. None of these
|
| 4 |
Income tax paid is a |
- A. Business expense
- B. Revenue for business
- C. Liability of business
- D. Personal expense
|
| 5 |
The debts, which are irrecoverable from the debtors, are called |
- A. Debts
- B. Doubtful debts
- C. Bad debts
- D. Good debts
|
| 6 |
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
|
| 7 |
The revenue that has not become due, but received in cash in current year is known as |
- A. Revenue received in advance
- B. Accrued revenue
- C. Unearned revenue
- D. Both a & c
|
| 8 |
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
|
| 9 |
A gradual decrease in the value of fixed assets is called |
- A. Reduction
- B. Revaluation
- C. Deprecation
- D. None of these
|
| 10 |
All those expenses which have become due but not paid are called |
- A. Accrued revenue
- B. Prapaid revenue
- C. Outstanding expenses
- D. Advance expenses
|
