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Question-1
Income statement is also called __________.
(A)
Profit and Loss Account
(B)
Trading Account
(C)
Balance sheet
(D)
None of these
Question-2
Financial Statement are prepared on certain basic assumption known as _______.
(A)
Accounting Conventions
(B)
Postulate
(C)
Principles
(D)
None of these
Question-3
__________ 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-4
Position Statement is also called _________.
(A)
Balance sheet
(B)
Trading Account
(C)
Profit and Loss Account
(D)
None of these
Question-5
Loose Tools are under the head _______.
(A)
Current Assets
(B)
Fixed Assets
(C)
Loans and Advances
(D)
None of these
Question-6
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-7
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-8
_________ 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-9
_________ 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-10
The owners of a company are called _______.
(A)
Investors
(B)
Share - holders
(C)
Employees
(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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