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Question-1
Bills Receivable are shown under the head ________.
(A)
Current Assets
(B)
Fixed Assets
(C)
Loans and Advances
(D)
None of these
Question-2
Position Statement is also called
(A)
Balance sheet
(B)
Trading Account
(C)
Profit and Loss Account
(D)
None of these
Question-3
Which out of the following is not the Limitation of Financial Statements?
(A)
Do not reflect current situation
(B)
Incomplete information
(C)
To provide information about the earning capacity of the business
(D)
None of these
Question-4
Financial Statements are the ________ of information to the interested parties.
(A)
Basic Sources
(B)
Not giving
(C)
All of these
(D)
None of these
Question-5
Financial Statement are prepared on certain basic assumption known as
(A)
Accounting Conventions
(B)
Postulate
(C)
Principles
(D)
None of these
Question-6
Loose Tools are under the head _______.
(A)
Current Assets
(B)
Fixed Assets
(C)
Loans and Advances
(D)
None of these
Question-7
_________ is the accounting report, which summarizes the revenues expenses and incomes and difference between them for a specified accounting period.
(A)
Balance sheet
(B)
Trading Account
(C)
Profit and Loss A/C
(D)
None of these
Question-8
Which one is not the objectives of financial statements?
(A)
Disclosing accounting policies
(B)
Not meeting the information needs of users
(C)
Provide information about the earning capacity
(D)
None of these
Question-9
For income measurement ________ basis of accounting is followed.
(A)
Accrual
(B)
Liquidity
(C)
Solvency
(D)
None of these
Question-10
Sundry Debtors are shown under the head _______.
(A)
Misc.Expenditure
(B)
Current Assets
(C)
Loans and Advances
(D)
Investment
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Plus 2 Commerce
CBSE
Practice in Related Chapters
Accounting Not For Profit Organisation
Accounting for Partnership: Basic Concepts
Reconstitution of a Partnership Firm: Admission of a Partner
Dissolution of Partnersip Firm
Accounting for share capital
Issue and Redemption of Debentures
Financial Statements of a Company
Analysis Of Financial Statement
Cash Flow Statement
Accounting Ratios
Reconstitution of a Partnership Firm: Retirement/Death of a Partner
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