Q.1
The objective of branch accounting is to know
  • Profit and loss
  • Profit and loss of each department
  • Profit and loss of head office
  • Profit and loss of manufacturing companies
Q.2
Under instalment payment system, ownership of goods
  • Is transferred at the time of payment of last instalment
  • Is not transferred
  • Is transferred at the time of signing the contract
  • None of the above
Q.3
The balance in the 'goods sent to branch ' account is transferred to
  • Branch account
  • Head office account
  • Profit and loss account
  • Trading or purchase account
Q.4
Dead Rent is also called as
  • Outstanding Rent
  • Prepaid Rent
  • Minimum Rent
  • Post paid Rent
Q.5
Trial balance can be prepared
  • At any time of year
  • At the end of year
  • In the beginning of year
Q.6
What is the purpose of preparing trading account?
  • To calculate net sales
  • To calculate cost of sales
  • To calculate gross profit/(loss)
  • To calculate net proft
Q.7
The balance sheet formula is
  • Assets = Liability + Capital
  • Assets = Capital-Liability
Q.8
Down payment is the payment made
  • At the time of paying the first instalment
  • At the time of signing the agreement
  • At the time of paying the second instalment
  • At the time of paying the last instalment
Q.9
Return outwards are
  • Goods returned to supplier
  • Goods received from supplier
  • Goods sold to customers
  • Goods returned from customer
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