Question # 1

Which of the following shows summary of a company financial position at a specific date?

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Profit and loss account

Cash flow statement

Balance Sheet

Cost incurred for the maintenance of shop in considered as

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revenue expenses

capital expenses

deferred expenses

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

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.

What will be the effect on accounting equation ,which payment is made to the creditor of the business?

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Decrease in an asset ,decrease in liability

Increase in asset,increase in liability

Increase in asset ,increase in owner equity

What type of expense are paid out of gross profit?

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Selling expenses

general expenses

financial expenses

All of the above

The product that are ready for sale are known as

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raw material

work in process

finished in goods

closing stock

We can say that business in profit when

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Assets exceeds expenditure

Assets exceeds liabilities

income exceeds expenditure

income exceeds liabilities

Double entry accounting system include:

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Accrual accounting only

Cash accounting only

Both A and B

^{None of the given}

In which of the following condition a company will have positive working capital?

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if current assets> current liabilities

if current assets < current liabilities

if current assets = current liabilities

if current assets <= current liabilities

What would be the affects on component of the accounting equation if goods are purchased on cash?

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increase in cash and decrease in equity

increase in cash and increase in goods

increase in cash and decrease in goods

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