Question # 1

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

The stages of accounting cycle are

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Transaction-ledger-journal-trial balance-final accounts

Transaction-journal-ledger-trial balance-final accounts

Transaction-journal-trial balance-ledger-final accounts

Transaction-journal-ledger-final accounts-trial balance

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

Any written evidence of a business transaction is known as

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Voucher

Pay-in-slip

Debit note

Credit note

Cash or goods taken away by owner for personal use from business are known as:

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Capital

Drawings

Revenue

Expense

If applied factory overhead is less than actual factory overhead, it is called

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Applied F.o.H

Over applied F.o.H

Under-applied F.o.H

None of above

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

How many of grace are given?

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5

4

3

2

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

What is negotiable instrument?

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A document which is not transferable

A document which is transferable

A document which is accepted

None

Excess of assets over liabilities is known as:

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Capital fund

Accumulated fund

Surplus fund

All options are correct

Provision of doubtful debts are also known as:

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Allowances for uncollectable

Allowances for collectable

Bad debts

None

Cost which is calculated before manufacture operation is called

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Sunk cost

Mixed cost

Standard cost

None of above

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

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Before

After

Both a and b

None

According to possible for an event or transaction which is not measurable in terms of money

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True

False

May be

None

Costs whose consumption may be identified with specific production units in called

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Direct labour cost

Indirect labour cost

Direct material cost

Indirect material cost

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

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

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Recognized

Not recognized

Paid

Received

The price at which assets will be sold at the end of its useful life is known as:

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Scrap value

Residual value

Written down value

All of the above

Good received note is prepared by

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Purchase department

Sales department

Receiving department

All of the above

Compound entry is an entry in which:

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More than one account is debited

More than one account is credited

Both a and b are correct

None of the above

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