Question # 1

Which of the following financial statement summarizes the profitability of an organization for a particular period?

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Trade and profit & loss account

cash flow statement

balance sheet

_____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction

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Present Value

Fair Value

Book Value

Firms chargers depreciation each year :

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To ensure there is enough money in the firm to replace the asset

To spread the cost of the asset over its working life

Because the law state must be reduced

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.

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :

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Budgeting

costing

Management

Auditing

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

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

Depreciation value of an asset is equal to

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cost + scrape value

cost + market value

cost - scrap value

none of the given

Accountancy cover which of the following series

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bookkeeping

accounting

auditing

all of the above

The asset which have limited useful life are termed as :

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Limited assets

Depreciation assets

Unlimited assets

None of the given option

Which of the following items appears in Trading account of business?

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Interest expenses

Wages and salaries

Depreciation expenses

Discount allowed

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