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Question-1
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-2
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-3
Sundry Debtors are shown under the head _______.
(A)
Misc.Expenditure
(B)
Current Assets
(C)
Loans and Advances
(D)
Investment
Question-4
Loose Tools are under the head _______.
(A)
Current Assets
(B)
Fixed Assets
(C)
Loans and Advances
(D)
None of these
Question-5
__________ 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-6
Position Statement is also called _________.
(A)
Balance sheet
(B)
Trading Account
(C)
Profit and Loss Account
(D)
None of these
Question-7
For income measurement ________ basis of accounting is followed.
(A)
Accrual
(B)
Liquidity
(C)
Solvency
(D)
None of these
Question-8
The account which shows the disposition of profit is called the __________.
(A)
Profit and Loss A/C
(B)
Profit and Loss Appropriation A/C
(C)
Trading A/C
(D)
None of these
Question-9
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-10
_________ are used for long time in business to earn profit.
(A)
Current Assets
(B)
Fixed Assets
(C)
All of these
(D)
None of these
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Plus 2 Commerce
Kerala (English Medium)
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 Partnership 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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