| 1 |
Assets come into existence upon the happening of a certain event, are called: |
- A. Fixed assets
- B. Fictitious assets
- C. Floating assets
- D. Contingent assets
|
| 2 |
The person to whom a bill is addressed is the: |
- A. Debtor
- B. Creditor
- C. Holder
- D. Agent
|
| 3 |
From business point of view, interest on capital is considered as |
- A. An income
- B. An Expense
- C. A Profit
- D. A Liability
|
| 4 |
Income tax paid is a |
- A. Business Expense
- B. Business Revenue
- C. Business Liability
- D. Personal Expense
|
| 5 |
Gross profit is derived from |
- A. Trading a/c
- B. Profit & Loss a/c
- C. Trial Balance
- D. Balance Sheet
|
| 6 |
Income received in advance during the year is |
- A. Prepaid Expenses
- B. Accrued Income
- C. Advance Expenses
- D. Advance Income
|
| 7 |
Net Profit is transferred to |
- A. Trading Account
- B. Balance Sheet
- C. Capital a/c
- D. Trial Balance
|
| 8 |
Goodwill, patent, copyright are classified as |
- A. Current Assets
- B. Fixed Assets
- C. Tangible Assets
- D. Wasting Assets
|
| 9 |
Rent account' is a kind of: |
- A. Real account
- B. Personal account
- C. Nominal account
- D. <div>Capital account</div>
|
| 10 |
Profit & Loss a/c is prepared to ascertain |
- A. Gross Profit
- B. Net Profit
- C. Gross Loss
- D. Real Profit
|
