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- 1. Multiple Choice
What is the due date of the bill drawn on 15th January, 2020 for 3 months?
A.18th April,2020
15 April.2020
16th April.2020
17th April,2020
- 2. Multiple Choice
A Bill of Exchange cannot be...
Accepted
Crossed
Endorsed
All of the above
- 3. Multiple Choice
Financial statement are prepared to know :-
Profit or Loss
Capital
The value of Assets and Liabilities
Profit or loss and Financial position
- 4. Multiple Choice
Which of the following is an example of a Capital Receipt?
Sales made by the Firm
Interest on investment received
Rent Received
Sale of Furniture
- 5. Multiple Choice
Internal users of accounting information are:-
Potential Investors
Creditors
Management
Government
- 6. Multiple Choice
Goodwill is categorised under which assets?
Current Assets
Long term Assets
Tangible Assets
Intangible Assets
- 7. Multiple Choice
Outstanding Expenses are :-
Expenses due but not paid
Expenses not due but paid
Expenses forget to show in P&L
None of these
- 8. Multiple Choice
How many parties in a Bill of exchange?
Four
Five
Three
two
- 9. Multiple Choice
Provision is created by Debiting :-
Balance sheet
Trading account
. Profit & Loss Appropriation Account
Profit & Loss Account
- 10. Multiple Choice
Gross Loss is find from which Account
Balance sheet
Profit & Loss
Trading Account
None of these
- 11. Multiple Choice
Revenue Expenditure is shown in :-
Balance sheet
Profit & Loss
Both a & b
. None of the Above
- 12. Multiple Choice
Outstanding Expenses are shown in
Asset side of Balance sheet
Liability side of Balance sheet
By adding in Expenses in P&L
Both B&C
- 13. Multiple Choice
Which of the following options is not recorded in the Balance sheet?
Cash
Rent expenses
Building
Goodwill
- 14. Multiple Choice
Profit on sale of fixed asset is used to create :-
Specific Reserve
General Reserve
Capital Reserve
None of these
- 15. Multiple Choice
Large Advertisement expenditure is related with:-
Capital Expenditure
Revenue Expenditure
Deferred revenue Expenditure
All of the above
- 16. Multiple Choice
Which statement show financial position of the business?
Trading Account
Profit & Loss Account
Balance sheet
Both A & B
- 17. Multiple Choice
Closing Stock is Valued at:-
Cost
Market Value
Net Realisable Value
At cost or Net Realisable Value, Whichever is less.
- 18. Multiple Choice
Which type of expenses are shown in Trading Account
Direct expenses
Opening Expenses
Indirect Expenses
Direct and Indirect Expenses
- 19. Multiple Choice
Sales are Equal to
Gross Profit - Cost of Goods Sold
Cost of Goods Sold + Gross Profit
Cost of Goods sold - Gross profit
none of these
- 20. Multiple Choice
Prepaid Expenses are
Expenses payable
. Expenses paid in advance
Both A & B
None of the above
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