Q.1
What is nature of Capital account?
Q.2
The assets which have a limited useful life are termed as
Q.3
Which one of the following is INCORRECT about closing stock?
Q.4
What is the next step to Journalizing in accounting cycle?
Q.5
Contra-entries are passed only when
Q.6
Petty cash balance is
Q.7
A decrease in value of a fixed asset due to age, wear and tear is known as
Q.8
In balance sheet, fixed assets are shown at
Q.9
Outsider's claim against the assets of the business is called
Q.10
An expenditure whose benefit is finished or enjoyed immediately is called
Q.11
Dividends are usually paid as a percentage of
Q.12
A proforma invoice is sent by
Q.13
The accrual basis of accounting records revenues when they are
Q.14
A company's merchandise, raw materials, finished and unfinished products which have not yet been sold is known as
Q.15
Which of the following is used to record financial transactions in chronological (day-to-day) order?
Q.16
Net Profit = Gross Profit minus
Q.17
Commission to promote credit sale by consignee is known as
Q.18
Which one of the following methods of inventory costing yields highest taxable income?
Q.19
Which one of the following methods of inventory costing produces ending stock cost close to the market value of the inventory?
Q.20
NRV or net realizable value of inventory is the expected selling price or market value less
Q.21
Under which method of inventory costing, a pre-determined cost is assigned to all items of inventory?
Q.22
Money spent to acquire or upgrade physical assets is known as
Q.23
Salaries paid in advance should be shown on
Q.24
Which of the following assets are shown at written down value in Balance sheet?
Q.25
Which of the following accounting equation is correct?
Q.26
Fresh capital introduction will increase
Q.27
Current Assets - Current Liabilities = ?
Q.28
Which one of the following inventory costing methods is supposed to issue the most recently purchased goods?
Q.29
Opening inventory + Net purchases = ?
Q.30
Cost of goods available for sale - closing inventory = ?
0 h : 0 m : 1 s