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Question-1
Financial Statement are prepared on certain basic assumption known as
(A)
Accounting Conventions
(B)
Postulate
(C)
Principles
(D)
None of these
Question-2
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-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
Preliminary Expenses are shown under _________ head.
(A)
Investment
(B)
Current Asset
(C)
Misc.Expenditure
(D)
None of these
Question-5
_________ are used for long time in business to earn profit.
(A)
Current Assets
(B)
Fixed Assets
(C)
All of these
(D)
None of these
Question-6
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-7
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-8
The owners of a company are called
(A)
Investors
(B)
Share - holders
(C)
Employees
(D)
None of these
Question-9
__________ 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-10
For income measurement ________ basis of accounting is followed.
(A)
Accrual
(B)
Liquidity
(C)
Solvency
(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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