Question # 1

A book in which receipts and payments are recorded is known as

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Pass book

Cash book

Purchase book

Sales book

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

The stock of manufacturing concern consists of

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work in process inventory

raw material inventory

finished goods inventory

all of the given option

The product that are ready for sale are known as

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raw material

work in process

finished in goods

closing stock

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 shows summary of a company financial position at a specific date?

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Profit and loss account

Cash flow statement

Balance Sheet

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

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 is not depreciated?

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factory building

office equipment

Plant

Land

Accrued expenses are the example of

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Current liability

Long term liability

Capital expenses

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

If the cost of the sales is Rs 60,000 are Rs 95,000 and opening expenses are Rs 20,000 during the year.What would be the net profit?

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Rs 15000

Rs 35000

Rs 55000

Rs 60000

The favourable balance of profit and loss account should be:

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added in liabilities

subtracted from current assets

Subtracted from liabilities

added in capital

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

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Sale

Cost

Debt

Revenue

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

Which one of the following is equal to the carrying cost of an asset?

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original cost minus accumulated depreciation

original cost plus accumulated depreciation

original cost minus residual value

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

A summarized record of transaction related to individual or things is called a

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Account

Voucher

Journal

Trail Balance

Which of the following statement is NOT TRUE about current liabilities?

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These are due with in one year

These are short term loans

These are consists of all debts,payable after 12 months

In working capital, these are deducted from current assets

Which of the following is NOT an example of current Asset?

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Bank draft

Accounts Receivable

Notes Receivable

Prepaid Expenses

Double entry accounting system include:

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Accrual accounting only

Cash accounting only

Both A and B

^{None of the given}

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