Question # 1

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

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

Word credit is derived from

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Latin

English

French

Chinese

Cost incurred for the maintenance of shop in considered as

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revenue expenses

capital expenses

deferred expenses

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

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

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1,2

2,3

1,3

1,2,3

Accrued expenses are the example of

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Current liability

Long term liability

Capital expenses

Under the reducing balance method of depreciation :

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Amount of depreciation increase every year

Amount of depreciation remains constant for every year

Amount of depreciationdecrease every year

Firm charges 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 file

because the law states they must be reduced

Which of the following account will be credited if business purchased a vehicle on cash?

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vehicle account

cash account

bank account

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

Which of the following is the example of direct material cost?

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Polish and finish material for chair

A piece of wood for the production of wood

Production worker wages

Depreciation expenses

In accounting accumulated depreciation is :

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Treated as reserve

Treated as a contra asset

Treated as surplus

Treated as expense

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

Bank reconciliation statement is :

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a memorandum statement

a ledger account

a part of cash book

a part of journal

Economic resource owned by a business and expected to benefit for the future operation are called :

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Expenses

Assets

Capital

The price paid for an item , in terms of currency is called

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Sale

Cost

Debt

Revenue

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

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machinery account

depreciation account

cash account

Following are the inventories of Manufacturing Concern EXCEPT

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Raw material

work in process

finished goods

merchandise inventory

The main goal of bank reconciliation statement is:

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If the discrepancy is due to error rather than timing

If the discrepancy is due to timing rather than error

If the discrepancy is due to error rather than amount

If the discrepancy is due to amount rather than timing

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

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