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Question-1
For income measurement ________ basis of accounting is followed.
(A)
Accrual
(B)
Liquidity
(C)
Solvency
(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
_________ 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-4
__________ is not an account.
(A)
Profit and Loss A/C
(B)
Trading
(C)
Balance sheet
(D)
None of these
Question-5
__________ are the end products of accountancy process.
(A)
Profit and Loss A/C
(B)
Trading A/C
(C)
Financial Statements
(D)
None of these
Question-6
The account which shows the disposition of profit is called
(A)
Profit and Loss A/C
(B)
Profit and Loss Appropriation A/C
(C)
Trading A/C
(D)
None of these
Question-7
Bills Receivable are shown under the head ________.
(A)
Current Assets
(B)
Fixed Assets
(C)
Loans and Advances
(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
Preliminary Expenses are shown under _________ head.
(A)
Investment
(B)
Current Asset
(C)
Misc.Expenditure
(D)
None of these
Question-10
Financial Statement are prepared on certain basic assumption known as
(A)
Accounting Conventions
(B)
Postulate
(C)
Principles
(D)
None of these
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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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