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

Which of the following account balance will be shown on debit side of trial balance?

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Cash account

Furniture account

Motor account

all of the above

Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business?

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40000

60000

30000

10000

The amount of depreciation charged on machinery will be debited to:

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machinery account

depreciation account

cash account

Word credit is derived from

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Latin

English

French

Chinese

Which of the following is non profit-able organization?

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Partnership

Trust

Limited Company

Which of the following account will be credited ,if business bought goods on credit from Mr.Ali?

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Purchase account

Mr.Ali account

Cash account

Sale account

Income of the business includes:

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Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

In a balance sheet fixed asset is shown at

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cost price

market value

fair value

written down value

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

Gross profit>Operating expenses=?

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Net profit

Cost of loss sold

Net loss

Gross loss

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