The Profit and Loss Account shows the:
(A) Financial results of the concern for a period
(B) Financial position of the concern on a particular date
(C) Financial results of the concern on a particular date
(D) Cost of goods sold during the period
Which of the following is not a contingent liability?
(A) Debts included in Sundry Debtors which are doubtful in nature
(B) Uncalled liability on partly paid shares
(C) Claims against the company not acknowledged as debts
(D) Arrears of fixed cumulative dividend
Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?
(A) Business entity concept
(B) Money measurement concept
(C) Going concern concept
(D) Matching concept
Which of the following is a current liability?
(A) Prepaid expenses
(B) Trademark
(C) Discount on issue of shares
(D) Outstanding Salaries
Which of the following is not an intangible asset?
(A) Trade mark
(B) Franchise
(C) Accounts Receivable
(D) Secret Profit
Computers taken on hire by a business for a period of twelve months should be classified as:___________?
(A) Current assets
(B) Intangible assets
(C) Deferred revenue expenditure
(D) Not an asset
When bill discounted with the bank is dishonored?
(A) Acceptor‘s Account is debited in the books of drawer
(B) Bills Receivable Account is credited in the books of drawer
(C) Bank Account is debited in the books of drawer
(D) Bills Payable Account is debited in the books of drawer
A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?
(A) 30th June,2018
(B) 1st July,2018
(C) 4th July,2018
(D) 4th August,2018
Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.
(A) 50,000
(B) 55,000
(C) 60,000
(D) 65,000
Arrangement of Balance Sheet in a logical order is known as __________?
(A) Dressing Balance Sheet
(B) Marshalling Balance Sheet
(C) Formatting Balance Sheet
(D) Make up of Balance Sheet