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Quiz 9
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Q.1
Which of the following financial statements show the financial health of an organisation at a stated point of time?
Balance sheet
Trading and Profit & Loss account
Cash flow statement
Statement of retained earnings
Q.2
Debenture is also named as
Share
Bond
Reserve
Equity
Q.3
Which of the following is the most important document of the company?
Memorandum of association
Articles of association
Annual report
Prospectus
Q.4
Commercial accounting is based on
Single entry book keeping
Double entry book keeping
Both single and double entry book keeping
Cash basis of book keeping
Q.5
An asset that is NOT physical in nature is called
Intangible asset
Liquid asset
Current asset
Fixed asset
Q.6
Which of the following account will be credited when the goods are purchased on cash?
Stock account
Cash account
Supplier account
Work in progress account
Q.7
Which of the following account will be credited when the goods are purchased on credit from Mr. Ali?
Purchases account
Mr. Ali account
Cash account
Sales account
Q.8
An informal accounting statement that lists the ledger account balances at a point of time and compares the total of debit balances with the total of credit balances is known as
Income statement
Balance sheet
Trial balance
Cash Book
Q.9
The matching concept matches which of the following?
Asset with liabilities
Capital with income
Revenues with expenses
Expenses with capital
Q.10
In an account, when credit side total < debit side total, then, the balance is known as
Negative balance
Debit balance
Positive balance
Credit balance
Q.11
The persons who sign Articles and Memorandum of the company and contribute in the initial share capital of the company are called
Subscribers
Shareholders
Managers
Directors
Q.12
Which of the following are the owners of a company?
Proprietors
Partners
Shareholders
Managers
Q.13
General office expenses are charged to which of the following head?
Administrative expenses
Marketing expenses
Selling expenses
Financial expenses
Q.14
Which of the following capital is taken up by the general public?
Issued capital
Subscribed capital
Authorized capital
Reserve capital
Q.15
Which of the following items of balance sheet are useful in evaluating a company's liquidity?
Current assets and other assets
Current liabilities and current assets
Current liabilities and plant and equipment
In current liabilities and other assets
Q.16
Which of the following is quoted company?
Private limited company
Public limited company
Listed company
Non listed company
Q.17
Which of the following capital is required for the registration of the company?
Issued capital
Subscribed capital
Authorized capital
Reserve capital
Q.18
Accounts receivable & inventory are the examples of
Current assets
Liquid asset
Fixed asset
Capital asset
Q.19
The estimated value at which an asset is expected to be sold after the end of its useful life is called
Residual value
Salvage value
Scrap value
All of the above
Q.20
Authorized share capital is also known as
Registered capital
Issued capital
Paid up capital
Called up capital
Q.21
The maximum amount with which a company is registered is called
Authorized capital
Issued capital
Paid up capital
Called up capital
Q.22
Which one of the following is NOT true about revenue expenditure?
These are the running expenses of the business
They improve the financial position of the business
They reduce the profit of the concern
They do not appear in the balance sheet
Q.23
In which of the following interim dividend is treated?
In profit and loss account
In profit and loss appropriation account
On the asset side of the Balance sheet
In trading account
Q.24
Which of the following documents contains rules and regulations for internal management of the business?
Memorandum of association
Articles of association
Prospectus
Statutory Declaration
Q.25
Which of the following is not a transaction?
Goods are purchased on cash basis for Rs.1000
Salaries are paid for the month of May 2010
Land is purchased for Rs. 10 lacs
An employee dismissed from the job
Q.26
Which of the following is NOT a cash inflow?
Sale of fixed asset
Issue of debentures
Cash from business operation
Purchase of fixed asset
Q.27
Interest on loan paid by business is an example of
Revenue expense
Income
Asset
Return outward
Q.28
Which of the following account will be credited when a typewriter is sold that has been used in the office?
Office equipment account
Cash account
Sales account
Purchase account
Q.29
What type of expenses are paid out of Gross Profit?
General expenses
Financial expenses
Selling expenses
All of the above
Q.30
Which of the following is NOT an example of intangible assets?
Franchise rights
Goodwill
Patents
Land
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