| 1 |
The concept of conservation will have the effect of: |
- A. Understatement of assets
- B. Under statement of liabilities
- C. Overstatement of assets
- D. None of the above
|
| 2 |
All those expenses which are incurred to convert raw-materials into finished goods are called: |
- A. Direct expenses
- B. Indirect expenses
- C. Administrative expenses
- D. Sales expenses
|
| 3 |
Narration is always written: |
- A. Above each entry
- B. Below each entry
- C. Between of each entry
- D. None of these
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| 4 |
Which cash is paid or received in an exchange the transaction is called: |
- A. Sale transaction
- B. Cash transaction
- C. Credit transaction
- D. None of the above
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| 5 |
A Journal is generally kept on: |
- A. A columnar basis
- B. A row basis
- C. A single line basis
- D. Vertical basis
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| 6 |
Any activity undertaken for the purpose of earning profit is called: |
- A. Performance
- B. Dealing
- C. Business
- D. Duties
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| 7 |
When a Bill is dishonoured, the holder of the bill goes to an official called |
- A. Inspector
- B. Notary Public
- C. Drawer
- D. Manager
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| 8 |
A bank reconciliation statement is prepared by: |
- A. banker
- B. Accountant of the business
- C. Statutory auditors
- D. Rigistar
|
| 9 |
The transaction for which non separate book is maintained are recorded in: |
- A. Journal proper
- B. Bills receivable book
- C. Bills payable book
- D. Cash book
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| 10 |
The Legal tenor of a bill is |
- A. Sixty Days
- B. One Month
- C. Eighty Days
- D. Ninety Days
|