Question # 1

Which of the following account will be credit,if business sold goods for Rs 10,000 on credit?

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Cash account

Sales account

account receivable account

purchase account

What type of expense are paid out of gross profit?

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Selling expenses

general expenses

financial expenses

All of the above

In an account if credit< debit side then the balance is known as

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Negative Balance

Debit Balance

Positive Balance

Credit Balance

Accrued expenses are the example of

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Current liability

Long term liability

Capital expenses

A decrease in value of a fixed asset due to age ,wear and tear is known as

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depreciation

accumulated depreciation

WDV

While making income and expenditure account,excess of income over expenses in a specified accounting is called :

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Profit

Loss

Surplus

Deficit

If a business pays rent in 12 months mit will be treated as:

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Prepaid expenses of business

Long term liability of business

Fixed assets of business

The total of all cost incurred to convert raw material into finished goods is known as :

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Prime cost

Conversion cost

Sunk cost

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

The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as

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Appreciation

Depreciation

Fluctuation

None of the gievn

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