Question # 1

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

Word credit is derived from

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Latin

English

French

Chinese

Which of the financial statement DO NOT show the financial health of a business at specific date?

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Profit and Loss account

Balane Sheet

Statement of financial position

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

Which of the following items appears in Trading account of business?

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Interest expenses

Wages and salaries

Depreciation expenses

Discount allowed

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

Cash book is a part of

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Voucher

general ledger

general journal

Trail balance

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

Income of the business includes:

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Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

The basic purpose of depreciation is to achieve the :

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matching principle

Dual aspect principle

separate entity concept

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