| 1 |
The creditor of the business are called: |
- A. Assets
- B. Liabilities
- C. Capital
- D. Income
|
| 2 |
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
|
| 3 |
Office rent is a |
- A. Financial Expense
- B. Abnormal Loss
- C. Management Expense
- D. Maintenance Expense
|
| 4 |
Income received in advance during the year is |
- A. Prepaid Expenses
- B. Accrued Income
- C. Advance Expenses
- D. Advance Income
|
| 5 |
Interest on drawing is debited to |
- A. Capital
- B. Drawings
- C. Sundry Creditors
- D. Outstanding expense
|
| 6 |
Goodwill, patent, copyright are classified as |
- A. Current Assets
- B. Fixed Assets
- C. Tangible Assets
- D. Wasting Assets
|
| 7 |
The person to whom a bill is addressed is the: |
- A. Debtor
- B. Creditor
- C. Holder
- D. Agent
|
| 8 |
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
|
| 9 |
Income tax paid is a |
- A. Business Expense
- B. Business Revenue
- C. Business Liability
- D. Personal Expense
|
| 10 |
Gross profit is derived from |
- A. Trading a/c
- B. Profit & Loss a/c
- C. Trial Balance
- D. Balance Sheet
|
