| 1 |
The excess of credit column over debit column in income statement is called |
- A. Net loss
- B. Net profit
- C. Cash balance
- D. Gross profit
|
| 2 |
One way of avoiding errors in the permanent accounting records is to use a form which is called |
- A. Bank statement
- B. Trail balance
- C. Balance sheet
- D. Work sheet
|
| 3 |
Which one of the following in used to simplify work, to be done at the end of period |
- A. Balance sheet
- B. Income sheet
- C. Bank statement
- D. Work sheet
|
| 4 |
Expired cost of fixed assets means |
- A. Appreciation
- B. Amortization
- C. Depreciation
- D. None of these
|
| 5 |
Financial statement is prepared from the amount given in |
- A. Trail balance columns
- B. Adjustments columns
- C. Cash columns
- D. Adjusted trail balance columns
|
| 6 |
In the preparation of the worksheet the amounts on the trail balance columns are taken directly from |
- A. Journal
- B. Ledger
- C. Trail balance
- D. Transaction
|
| 7 |
Which one of the following is not considered the permanent part of the accounting record? |
- A. Journal
- B. Trail balance
- C. Ledger
- D. Work sheet
|
| 8 |
Worksheet contains ______ pairs of money columns |
- A. Five
- B. Four
- C. Three
- D. Two
|
| 9 |
A sheet which minimizes the chances of errors to the maximum possible extent is called |
- A. Balance sheet
- B. Work sheet
- C. Paper sheet
- D. Income statement
|
| 10 |
In the preparation of worksheet the amounts in the trail balance are taken directly form the ______ |
- A. Ledger
- B. Trail balance
- C. Balance sheet
- D. None of these
|
