| 1 |
Rent account' is a kind of: |
- A. Real account
- B. Personal account
- C. Nominal account
- D. <div>Capital account</div>
|
| 2 |
Income received in advance during the year is |
- A. Prepaid Expenses
- B. Accrued Income
- C. Advance Expenses
- D. Advance Income
|
| 3 |
Gross profit represents |
- A. Opening stock + purchases
- B. closing stock + direct expenses - sales
- C. closing stock-purchases-direct expenses + sales
- D. purchases - sales
|
| 4 |
Any mistake in ledger can be easily detected with the help of: |
- A. Journal
- B. Balance sheet
- C. Trial balance
- D. Financial statement
|
| 5 |
Profit & Loss a/c is prepared to ascertain |
- A. Gross Profit
- B. Net Profit
- C. Gross Loss
- D. Real Profit
|
| 6 |
A bill from the point of view of a creditor is called a: |
- A. Bill payable
- B. Bill receivable
- C. Bil acceptable
- D. Bill rejectable
|
| 7 |
Loss of good by fire should be credited to: |
- A. Purchase account
- B. Sales account
- C. Loss by goods by fire account
- D. Capital account
|
| 8 |
The const concept applied only to the assets and not to: |
- A. Expenses
- B. Liabilities
- C. Incomes
- D. None of these
|
| 9 |
The money with which business is started is known as: |
- A. Capital
- B. Creditor
- C. Income
- D. Debtor
|
| 10 |
The concession given by the supplier to the buyer on purchases of good is known as: |
- A. Sales discount
- B. Trade discount
- C. Purchase discount
- D. Discount received
|
