Q.1
The following is a statement of revenues and expenses for a specific period of time
Q.2
A Master Budget consists of
Q.3
The accounting process involves recording
Q.4
In accounting, an economic event is referred to as
Q.5
Return on Investment Ratio (ROI) =
Q.6
Balance sheets are prepared
Q.7
The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources
Q.8
The measure of how efficiently the assets resources are employed by the firm is called
Q.9
The sales income (Credit and Cash) of a business during a given period is called
Q.10
Any written evidence in support of a business transaction is called
Q.11
The account that records expenses, gains and losses is
Q.12
Balance sheet is a statement of
Q.13
A low Return on Investment Ratio (ROI) indicates
Q.14
The following is (are) the current liability (ies)
Q.15
Current ratio =
Q.16
The term _______ is generally used for the depreciation of natural resources
Q.17
Which of the following is a biological asset?
Q.18
Real account records
Q.19
In Journal, the business transaction is recorded
Q.20
Accounting provides information on
Q.21
The long term assets that have no physical existence but are rights that have value is known as
Q.22
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
Q.23
Provision for doubtful debts account is a/an
Q.24
Provision for cash discount on debtors is a percentage of
Q.25
A recovery of bad debt
Q.26
A firm has not recorded the bad debts by mistake. Which of the following is the effect of bad debt ommission?
Q.27
Patents, Copyrights and Trademarks are
Q.28
The debts which are to be repaid within a short period (year or less) are known as
Q.29
The value of inventories or stock is figured out at the lower of cost and
Q.30
An overstatement in the value of closing stock overstates all of the following except
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