Balance of trading account is transferred to _________ a/c.
Capital
Profit & Loss A/c
Profit & Loss Appropriation
None of these
Balance sheet present the financial position of a concern based on the principle of __________.
Dual aspect
Business entity
Going concern
All of these
Accrued incomes comes as __________.
Current liabilities
Current assets
Fixed Asset
Long term liabilities
Royalty, if based on sale price of goods sold is charged to ______.
Trading a/c
Balance sheet
Wages is a ________ expenses.
Direct
Indirect
Those expense which are incurred for bringing the goods at trading place or for manufacturing it are __________.
Direct Expense
Indirect expense
Direct income
Indirect Income
Trading account is also termed as _____________a/c.
Purchase a/c
Sales a/c
Goods a/c
At the time of preparation of balance sheet, the valuation of closing stock is
Optional
Compulsory
Expenses paid for management of business is called __________.
Miscellaneous expenses
Selling and distribution expenses
Office and administration expenses
Liability for bills discounted is an example of ______ liability.
Current
Fixed
Contingent
