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1. Interest on loan paid by business is an example of

A

Revenue expense

B

Income

C

Asset

D

Return outward

2. The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as

A

Appreciation

B

Depreciation

C

Fluctuation

D

None of the given options

3. Which accounting concept specifies the practice of crediting closing stock to the trading account?

A

Cost

B

Going concern

C

Realization

D

Matching

4. Account which shows Gross Profit or Gross Loss of the business is called

A

Profit and Loss Account

B

Balance Sheet

C

Trial Balance

D

Trading Account

5. P&L statement is also known as

A

Statement of Operations

B

Statement of Income

C

Statement of Earnings

D

All of these

6. Which of the following shows summary of a company`s financial position at a specific date?

A

Profit & Loss Account

B

Cash Flow Statement

C

Balance Sheet

D

Trial Balance

7. Another name for the balance sheet is

A

Statement of Operations

B

Statement of Financial Position

C

Both A and B

D

None of the above

8. Which of the following is a category or element of the balance sheet?

A

Expenses

B

Gains

C

Liabilities

D

Losses

9. Which of the following is an asset account?

A

Accounts Payable

B

Prepaid Insurance

C

Unearned Revenue

D

None of above

10. The main purpose of preparing a bank reconciliation statement is?

A

To know the bank balance

B

To know the balance of bank statement

C

To correct the cash book

D

To identify causes of difference between cash book and bank statement

11. Bank reconciliation statement is?

A

Part of bank statement

B

Part of the cash book

C

A separate statement

D

A sub-division of journal

12. Uncollected cheques are also known as?

A

Outstanding checks

B

Uncleared checks

C

Outstation checks

D

Both B & C

13. A bank reconciliation statement is prepared by?

A

Banker

B

Accountant of the business

C

Auditors

D

Registrar

14. The balance on the debit side of the bank column of cash book indicates?

A

The total amount has drawn from the bank

B

Cash at bank

C

The total amount overdraft in the bank

D

None of above

15. Bank statement also called?

A

Passbook

B

Cash book

C

Credit book

D

Debit book

16. When the balance as per Cash Book is the starting point, direct deposits by customers are:

A

Added

B

Subtracted

C

Not required to be adjusted.

D

None of the above

17. Credit balance as per passbook is?

A

Unfavourable balance

B

Favourable balance

C

Both A & B

D

None of the above

18. To start a partnership business, what should be the minimum number of partners?

A

2

B

5

C

15

D

20

19. What type of agreement is used to form a partnership business?

A

Written Agreement

B

Oral Agreement

C

Written or Oral Agreement

D

None of the above

20. What is the partnership written agreement known as:

A

Partnership Agreement

B

Contract

C

Partnership Deed

D

Partnership Act