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Accountancy
Commerce
Economics
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Question-1
Interest on drawings is deducted from
(A)
Income A/c
(B)
Capital A/c
(C)
Expense A/c
(D)
Drawings A/c
Question-2
Opening stock is shown in
(A)
Balance sheet
(B)
Profit and Loss Account
(C)
Trading account
(D)
Cash account
Question-3
Rent outstanding is
(A)
A liability
(B)
An asset
(C)
An income
(D)
A capital
Question-4
Returns inwards are deducted from
(A)
Purchases
(B)
Sales
(C)
Returns outward
(D)
Capital
Question-5
Closing stock is shown in
(A)
Profit and Loss account
(B)
Trading account and Balance sheet
(C)
Balance sheet only
(D)
Trading account only
Question-6
Expenses which have been incurred but not yet paid during the accounting period for which the final accounts are being prepared are called
(A)
Prepaid Expenses
(B)
Outstanding Incomes
(C)
Outstanding Expenses
(D)
Income received in advance
Question-7
All the items given in the adjustment will appear at ________ in the Final accounts.
(A)
Three places
(B)
Two places
(C)
One place
(D)
Four places
Question-8
Expenses which have been paid in advance are called
(A)
Prepaid Expenses
(B)
Outstanding Expenses
(C)
Outstanding Incomes
(D)
Income received in advance
Question-9
Income received in advance are shown in Balance sheet as
(A)
A current liability
(B)
A current asset
(C)
A fictitious asset
(D)
A fixed asset
Question-10
In case the closing stock appears in Trial Balance, it is shown in the
(A)
Trading Account
(B)
Manufacturing Account
(C)
Balance sheet
(D)
Trial Balance
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Plus 2 Commerce
Tamil Nadu (English Medium)
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