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Question-1
_________ 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-2
__________ displays the liabilities, equities and assets position generally at the end of accounting period.
(A)
Balance sheet
(B)
Trading A/C
(C)
Profit and Loss A/C
(D)
None of these
Question-3
__________ is not an account.
(A)
Profit and Loss A/C
(B)
Trading
(C)
Balance sheet
(D)
None of these
Question-4
_________ 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-5
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-6
For income measurement ________ basis of accounting is followed.
(A)
Accrual
(B)
Liquidity
(C)
Solvency
(D)
None of these
Question-7
When shares of a company are issued at a price more than the face value, it is called
(A)
Issue of shares at premium
(B)
Issue of shares at discount
(C)
Issue of shares at par
(D)
None of these
Question-8
The _________ is designed to show the gross profit on sale of goods.
(A)
Trading Account
(B)
Balance sheet
(C)
Profit and Loss Account
(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
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
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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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