Question # 1

What is amortization?

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Decrease in the value of fixed assets

Decrease in the value of intangible assets

Increase in the value of fixed assets

Increase in the value of intangible assets

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

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Trade bills

Bill of exchange

In-land bills

Foreign bills

In job order costing system, each job is assigned a job cost

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Unit

Center

Driver

Sheet

Under perpetual inventory system stock taking is under taken at the

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Start of the accounting year

End of the accounting

Regular bases

None of above

Goodwill is ----------- for company.

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Intangible asset

Fixed asset

Current asset

Quick asset

A credit purchases are:

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If goods purchased and payment made at the same time

If goods purchased and payment not made at the same time

If goods sold and payment receive at the same time

If goods sold and payment not receive at the same time

During period of rising material prices, ----------- method results in profit inflation

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LIFO

FIFO

Weighted average

All of the above

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

Accounts which are related with properties are known as

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Real accounts

Nominal accounts

Property accounts

A and C are correct Accounting principles:

Quick assets are

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Cash in hand

Cash at bank

Debtors

All of the above

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