Question # 1

If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added?

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cheaque deposited but not credit by the bank

Cheques omitted to be deposited into the bank

any amount directly collected by bank on behalf of customer but not recorded in cash book

Debit side cash book was overcast.

Which one of the following is CORRECT about closing stock?

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It appears in the asset side of the balance sheet

it decrease the value of cost of goods sold

It becomes the opening stock of the next year

All of the above

Cost incurred for the maintenance of the shop is considered as

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Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

Which of the following is NOT prepared by Non Profit organization?

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Profit and loss account

Income and expenditure account

Receipts and payments accounts

Balance sheet

If the cost of the sales is Rs 60,000 are Rs 95,000 and opening expenses are Rs 20,000 during the year.What would be the net profit?

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Rs 15000

Rs 35000

Rs 55000

Rs 60000

In cost of goods sold statement the total factory cost is equal to

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l cost of material + Labor cost

cost of material consumed + conversion cost

cost of material consumed + total factory cost

Which of the following account will be credited,when the goods are purchase on cash?

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Stock Account

Cash Account

Supplier Account

Work in process account

Double entry accounting system include:

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Accrual accounting only

Cash accounting only

Both A and B

^{None of the given}

In an accounting if credit sale < debit side then the balance is known as :

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Negative balance

debit balance

positive balance

credit balance

Gross profit>Operating expenses=?

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Net profit

Cost of loss sold

Net loss

Gross loss

The area of accounting concerned with reporting financial information to the interested parties is called

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cost accounting

financial accounting

management accounting

tax accounting

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