To Know the profitability and financial position of a business we prepared at the end__A. Balance sheetB. Profit and loss accountC. Financial statementD. None
  • A
  • B
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  • D
_____ prepared to ascertain gross profit and net profit / loss during an accounting period.A. Financial statementB. Cash flow statementC. Balance sheetD. Income statement
  • A
  • B
  • C
  • D
Following are the Financial statement exceptA. Cash Flow statementB. Income statementC. Statements of retained earningsD. Audit report
  • A
  • B
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  • D
The item discount received will appear on theA. Credit side of Balance sheetB. Debit side of Balance sheetC. Debit side of Profit and loss accountD. Credit side of Profit and loss account
  • A
  • B
  • C
  • D
Computer of a firm should be classified asA. FictitiousB. Liquid assetsC. Fixed assetsD. Current assets
  • A
  • B
  • C
  • D
Which is not an example of Capital expenditureA. Expenses for obtaining a license.B. Depreciation on fixed assetsC. Preliminary expenses for floating a company.D. Initial expenditure for acquiring patent right.
  • A
  • B
  • C
  • D
Revenue Expenditure meansA. The expenditure which is incurred for the day to day running of the businessB. The amount which is incurred in acquiring or improving the value of fixed assetsC. BothD. None
  • A
  • B
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  • D
________ the amount which is incurred in acquiring or improving the value of fixed assetsA. Capital expenditureB. Capital receiptC. Revenue receiptD. Revenue Expenditure
  • A
  • B
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  • D
The expenditure whose amount is heavy and benefit of the likely to be derived over a number of years calledA. Deferred capital expenditureB. Deferred revenue expenditureC. BothD. None
  • A
  • B
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  • D
Capital receipts are shown in _____A. Profit and Loss accountB. Balance SheetC. Trading accountD. None of these
  • A
  • B
  • C
  • D
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