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CBSE
Class 11 Accountancy
Financial Statements 2
Quiz 1
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Outstanding Expenses are related to-
0%
Current year
0%
Next year
0%
Last year
0%
None of these.
Explanation
Current year
Prepaid expenses are shown in-
0%
Liability side
0%
Asset side
0%
Assets or Liability side
0%
None of these.
Explanation
Asset side
Charity of goods is-
0%
Expenses
0%
Loss
0%
Profit
0%
None of these.
Explanation
Loss
If a person fails to pay his debt, such amount is considered as-
0%
Bad debts
0%
Bad debts recovered
0%
Provision for Bad debt
0%
None of these.
Explanation
Bad debts
The object of non – trading concerns-
0%
Social service
0%
Profit earning
0%
Both of these
0%
None of the above.
Explanation
Social service
Such persons who earn remuneration against their services are called –
0%
Seller
0%
Purchaser
0%
Professional
0%
None of these.
Explanation
Professional
Which of the following is not an item of income of Non – trading concern –
0%
Entrance fees
0%
Interest
0%
Govt. Aid
0%
Salary.
Explanation
Salary.
Receipt and payment account is a summary of-
0%
Income & Expenditure account
0%
Profit & Loss A/c
0%
Cash – book
0%
None of these.
Explanation
Cash – book
Which of the following is recorded in income & expenditure account –
0%
Revenue items
0%
Capital items
0%
Revenue and capital items
0%
None of these.
Explanation
Revenue items
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