Assets are normally listed on the balance sheet in the
order of:
Purchase
date
Maturity
Liquidity
Cost of asset
5% Debentures Account Rs. 3, 00,000. What amount of
interest on debentures should be shown in profit and loss account?
Rs. 6,000
Rs. 3, 00,000
Rs.
15,000
Rs. 3, 15,000
General reserves are shown in:
Profit
& loss account
Balance sheet
Cash flow statement
Bank Statement
Debit signifies:
Increase
in Asset account
Decrease in liability account
Decrease in capital account
All of the given options
The amount by which the seller agrees to reduce his or
her price to the customer is called:
Income
Discount
Allowed
Discount Received
Liability
Mr. B is Debit Sales Returns is Credit
Sales Returns is Debit Mr. B is Credit
Mr. B is Debit Accounts Receivable Credit
Purchases Return Debit Mr. B is Credit
Which one of the following will result in increase in
revenues?
Purchased
fixed asset
Received discount
Payment to creditors
Return of goods, sold on credit
If Salaries Rs. 12, 000, Rent Rs. 5,000, Gross profit Rs.
58,000 and Discount received Rs. 10, 000. What will be the amount of Net
Profit?
Rs. 41,000
Rs.
51,000
Rs. 61,000
Rs. 65,000
All the preliminary expenses incurred by which of the
following:
shareholders of the company
members of the company
directors
of the company
subscribers to the memorandum
Statement of changes in equity shows what type of
movement(s)?
Issued share capital
Share premium
Nature of reserves created
All
of the given options
If cost of sales is Rs. 90,000, income from sales Rs.
200,000 and operating expenses Rs. 100,000. What will be net result?
Rs. 5,000 Losses
Rs.10,
000 Profits
Rs 1, 95,000 Profits
Rs 1, 95,000 Losses
The amount of depreciation charged under straight line
method:
Decreases
every year
Remains constant every year
Increases every year
First increases than decreases
If Gross profit Rs.16,500 and Cost of goods sold
Rs.183,500, what will be the amount of Net Sales?
Rs. 183, 500
Rs.
167, 000
Rs. 200, 000
Rs. 230, 000
In manufacturing concern, cost of good manufactured is
equal to which of the following:
total factory cost plus opening finished goods less
ending finished goods
total
factory cost plus opening work in process less ending work in process
cost of goods manufactured plus opening finished goods
less ending finished goods
cost of goods sold plus opening work in process less
ending work in process
Which of the following document(s) define the scope of
the company’s activities?
Memorandum of Association
Articles
of Association
Prospectus
Statutory Declaration
The proceeds from sale of an automobile for ABC company
are which of the following activity?
investing activity
operating
activity
financing activity
none of the above
which of the following statement is TRUE about the
positive working capital of company.
It
shows sound position of company
It shows that company has current asset to meet current
liability
It shows that current assets are greater than current
liability
All of the given options
What is the next step to Journalizing in Accounting
cycle?
Recording
Posting
Balancing
Analyzing
If capital expenditure is treated as revenue expenditure,
it will result in:
Overstated net profit and net assets
Understated
net profit and net assets
Net profit being understated
No effect on net profit and net assets
Purchases Account & Accounts Payable Account
Machinery Account & Cash Account
Purchases Account & Cash Account
Machinery Account & Accounts Payable Account
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