The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"
The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"
Heavy amount spent for the advertisement of new company product is
Heavy amount spent for the advertisement of new company product is
Error which affect only one account can be
Error which affect only one account can be
"Treating a revenue expenditure as a capital expenditure" is an example of
"Treating a revenue expenditure as a capital expenditure" is an example of
The parties to joint venture are called
The parties to joint venture are called
Discounting of bill by the drawer is done with
Discounting of bill by the drawer is done with
Memorandum Joint Venture account is a
Memorandum Joint Venture account is a
Commission to promote credit sale by consignee is known as
Commission to promote credit sale by consignee is known as
The party who sends the goods for sales on fixed commission basis is known as
The party who sends the goods for sales on fixed commission basis is known as
Capital expenditures are recorded in the
Capital expenditures are recorded in the
Gross profit is equal to
Gross profit is equal to
Narrations are given at the end of
Narrations are given at the end of
Opening and closing inventories are recorded in
Opening and closing inventories are recorded in
The following error will affect the Trial Balance
The following error will affect the Trial Balance
Recovery of bad debt is a
Recovery of bad debt is a
A proforma invoice is sent by
A proforma invoice is sent by
A minimum quantity of stock always held as precaution against out of stock situation is called
A minimum quantity of stock always held as precaution against out of stock situation is called
Which of the following event is subject matter of Accounting?
Which of the following event is subject matter of Accounting?
Contra-entries are passed only when
Contra-entries are passed only when
If an effect of an error is cancelled by the effect of some other error, it is commonly known as
If an effect of an error is cancelled by the effect of some other error, it is commonly known as
Interest on drawings is ___ for the business
Interest on drawings is ___ for the business
A promissory note is drawn by ______ in favor of _____
A promissory note is drawn by ______ in favor of _____
Overriding commission is generally calculated on
Overriding commission is generally calculated on
Under diminishing balance method, depreciation
Under diminishing balance method, depreciation
Which of the following is a leverage ratio?
Which of the following is a leverage ratio?
Petty cash balance is
Petty cash balance is
Income includes
Income includes
Which of the following enhances the earning capacity of an asset?
Which of the following enhances the earning capacity of an asset?
Difference of total of debit and credit side of the trial balance is transferred to
Difference of total of debit and credit side of the trial balance is transferred to
Suspense account given in the trial balance will be entered in the
Suspense account given in the trial balance will be entered in the
Which one of the following accounting equations is correct?
Which one of the following accounting equations is correct?
The installation expenses for a new machinery will be debited to
The installation expenses for a new machinery will be debited to
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as
The document inviting offers from public to subscribe for the debentures or shares of a body corporate is a
The document inviting offers from public to subscribe for the debentures or shares of a body corporate is a
Which of the following instruments is not a negotiable instrument?
Which of the following instruments is not a negotiable instrument?
Bills receivable endorsed are debited to
Bills receivable endorsed are debited to
Which of the following is a real account?
Which of the following is a real account?
Interest on debentures is calculated on
Interest on debentures is calculated on
The three column cash book represents
The three column cash book represents
Interest on Capital is _____ for the business
Interest on Capital is _____ for the business
Revenue from sale of product ordinarily is reported as part of earning in the period
Revenue from sale of product ordinarily is reported as part of earning in the period
_____ will generally show a debit balance
_____ will generally show a debit balance
Drawing is a type of
Drawing is a type of
Joint venture account is a
Joint venture account is a
Accommodation bill is drawn
Accommodation bill is drawn
In case of opening Credit Balance, the word ______ are written on the credit side.
In case of opening Credit Balance, the word ______ are written on the credit side.
The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life
The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life
Promissory note is prepared by
Promissory note is prepared by
When will the bill mature if the date of maturity of a bill is a holiday
When will the bill mature if the date of maturity of a bill is a holiday
Which of the following is/are fixed asset(s)?
Which of the following is/are fixed asset(s)?
Revenue expenditures are recorded in the
Revenue expenditures are recorded in the
When obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability, it is called
When obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability, it is called
Parties to a bill of exchange are
Parties to a bill of exchange are
Which of the following appears in the profit and loss appropriation account?
Which of the following appears in the profit and loss appropriation account?
A Trial Balance contains the balances of
A Trial Balance contains the balances of
Which of the following is not an item of revenue expenditure?
Which of the following is not an item of revenue expenditure?
Bills receivable is a
Bills receivable is a
One of the Fundamental accounting assumption is
One of the Fundamental accounting assumption is
Loss leads to reduction in
Loss leads to reduction in
Petty cash is used for payment of
Petty cash is used for payment of
The accounting equation is based on
The accounting equation is based on
The portion of the acquisition cost of an asset yet to be allocated is known as
The portion of the acquisition cost of an asset yet to be allocated is known as
Dividends are usually paid as a percentage of
Dividends are usually paid as a percentage of
Patents accounts are
Patents accounts are
X draws a bill on Y. X endorsed the bill to Z. ____ will be the payee of the bill.
X draws a bill on Y. X endorsed the bill to Z. ____ will be the payee of the bill.
Which of the following sets of expense are the direct expense of business?
Which of the following sets of expense are the direct expense of business?
Which reserve is not shown in the Balance sheet?
Which reserve is not shown in the Balance sheet?
Preliminary expenses are treated as
Preliminary expenses are treated as
Municipal tax Rs.6000 under dispute is a
Municipal tax Rs.6000 under dispute is a
Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?
Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?
Which liability is not included in the total of Balance Sheet?
Which liability is not included in the total of Balance Sheet?
In case goods are manufactured and segregated for specified consumers, the best method for valuation of inventory would be
In case goods are manufactured and segregated for specified consumers, the best method for valuation of inventory would be
When the goods are returned to a supplier
When the goods are returned to a supplier
____ principle requires that the same accounting method should be used from one accounting period to the next
____ principle requires that the same accounting method should be used from one accounting period to the next
Del-credere Commission is allowed to cover
Del-credere Commission is allowed to cover
Profit & Loss account is prepared for a period of one year by following
Profit & Loss account is prepared for a period of one year by following
The main objective of providing depreciation is to
The main objective of providing depreciation is to
No journal entry is required to be passed when there is
No journal entry is required to be passed when there is
Dismantling and demolition charges is a
Dismantling and demolition charges is a
Which of the following is a long term liability?
Which of the following is a long term liability?
Right shares are the shares
Right shares are the shares
Cash Account is
Cash Account is
Which of the following is not a transaction?
Which of the following is not a transaction?
Profit is a part of
Profit is a part of
Normally the following accounts are balanced
Normally the following accounts are balanced
Carriage inwards refers to the cost of transportation for
Carriage inwards refers to the cost of transportation for
The left side of an account is known as ___ and the right side as ____
The left side of an account is known as ___ and the right side as ____
A company cannot issue redeemable preference shares for a period exceeding
A company cannot issue redeemable preference shares for a period exceeding
Endorsement, discounting and collection of bills of exchange is made by
Endorsement, discounting and collection of bills of exchange is made by
A bill of exchange when drawn requires
A bill of exchange when drawn requires
The expenses that have fallen due for payment but not paid are
The expenses that have fallen due for payment but not paid are
Noting charges are paid at the time of
Noting charges are paid at the time of
Reserve capital means
Reserve capital means
Accounting is the process of matching
Accounting is the process of matching
Transaction between business and owner are recorded following ____ concept
Transaction between business and owner are recorded following ____ concept
Accounts payable has ____ balance
Accounts payable has ____ balance
Which of the following inventory valuation methods show higher profits during the period of rising prices?
Which of the following inventory valuation methods show higher profits during the period of rising prices?
Errors are _____ mistakes
Errors are _____ mistakes
Legal expenses incurred on a suit for breach of contract to supply goods is a
Legal expenses incurred on a suit for breach of contract to supply goods is a
There must be a gap of at least ___ month between two calls
There must be a gap of at least ___ month between two calls
A bill of exchange is called a ____ by one who is liable to pay it on the due date
A bill of exchange is called a ____ by one who is liable to pay it on the due date
Different accounting policies can be adopted in the following area(s)
Different accounting policies can be adopted in the following area(s)
Liability for bill discounted is a
Liability for bill discounted is a
The basic consideration(s) in distinction between capital and revenue expenditure is/are
The basic consideration(s) in distinction between capital and revenue expenditure is/are
Rs.5000 spent on maintenance of computer is
Rs.5000 spent on maintenance of computer is
The cost of a small calculator is treated as an expense and not shown as an asset in a financial statement of a business entity due to
The cost of a small calculator is treated as an expense and not shown as an asset in a financial statement of a business entity due to
The person from whom the goods are purchased on credit are called
The person from whom the goods are purchased on credit are called
___ days of grace are allowed in case of time bills, for calculating date of maturity
___ days of grace are allowed in case of time bills, for calculating date of maturity
Which account is the odd one out?
Which account is the odd one out?
In case of debit balance, the words _____ are written on the debit side
In case of debit balance, the words _____ are written on the debit side
_____ is not required in Promissory Note
_____ is not required in Promissory Note
Bank pass book is also known as
Bank pass book is also known as
Those transactions for which there is no separate book, are recorded in the
Those transactions for which there is no separate book, are recorded in the
Purchase book is maintained to record
Purchase book is maintained to record
A document sent to customer when he returns the goods is called
A document sent to customer when he returns the goods is called
Economic life of an enterprise Is split into periodic interval as per ____ concept
Economic life of an enterprise Is split into periodic interval as per ____ concept
Which error cannot be revealed on the preparation of trial balance?
Which error cannot be revealed on the preparation of trial balance?
The owner of consignment stock is
The owner of consignment stock is
