Question # 1

A--------------- is an account in which those transaction are entered which cannot be placed to their accounts

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Nominal account

Suspense account

Personal account

Debtor account

Depreciation is a loss due to wear and tear of an asset.

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Correct

Incorrent

May be

None

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

Doubtful debt are:

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Definite loss to the business

Definite profit to the business

Expected loss to the business

Expected profit to the business

Trading account shows ----------- result.

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Net

Gross

Profit

Loss

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

Which one is not a classification according to the accounting period?

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

Tenor is the period of time ------------ which a bill becomes payable

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Before

After

Both a and b

None

Dishonor of the bill occurs when:

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The drawer refuse to pay

The acceptor refuses to meet the bill on due date

The endorsee accepts to meet the bill

None

The cost flow must match the

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Output

Outflow

Inflow

Workflow

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