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Question-1
Stock which remained unsold at the end of __________ accounting years is called opening stock.
(A)
Current
(B)
Previous
(C)
Succeeding
(D)
None of these
Question-2
If sales tax or sales tax paid is mentioned on the debit side of trial balance, it will be written on the _________ side of Profit & Loss A/c.
(A)
Credit
(B)
Debit
(C)
None of these
(D)
Both of these
Question-3
The order in which assets and liabilities are depicted in the balance sheet is known as ______.
(A)
Marshalling
(B)
Ordering
(C)
Classifying
(D)
Arranging
Question-4
Balance sheet present the financial position of a concern based on the principle of __________.
(A)
dual aspect
(B)
business entity
(C)
going concern
(D)
All of these
Question-5
The realizable value of the scrap is credited to the _________ A/c.
(A)
Manufacturing
(B)
Trading
(C)
P & L a/c
(D)
Balance sheet
Question-6
Accrued incomes comes under __________.
(A)
Current liabilities
(B)
Current assets
(C)
Fixed Assets
(D)
Long term liabilities
Question-7
Outstanding expenses are shown on the __________ side of balance sheet.
(A)
Asset
(B)
Liabilities
(C)
Both side
(D)
Does not affect Balance sheet
Question-8
Octroi duty is a _________ Expenses
(A)
Direct expenses
(B)
Indirect Expenses
(C)
None of these
(D)
Both of these
Question-9
Account in balance sheet are to be arranged in order of either _________ or ___________.
(A)
Liquidity or permanence
(B)
Personal or nominal
(C)
Real or personal
(D)
None of these
Question-10
Rahul's trial balance provide you the following information debtors Rs. 80,000 Bad debits Rs.2,000 Provision for Bad debits 4,000. It is derived to maintain a provision for bad debt of Rs. 1.000. State the amount to be debited/credited in profit and loss account.
(A)
Rs. 5,000 (debit)
(B)
Rs. 3,000 (Debit)
(C)
Rs. 1,000 (credit)
(D)
None of these
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Plus 1 Commerce
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Practice in Related Chapters
Introduction Of Accounting
Concepts, Standards And Basis
Classification Of Accounts Under Double Entry System And Accounting Equation
Ledger
Trial Balance
Final Accounts Or (Financial Statements)
Journal
Sub-Division Of Journal : Cash Book
Sub-Division Of Journal : Specified purpose Subsidiary
Bank Reconciliation Statement
Rectification Of Errors
Capital And Revenue Expenditure/Income
Depreciation Accounting
Provisions And Reserves
Single Entry System : Accounts From Incomplete Records
Accounts of Non Trading Organization
Bills of Exchange
Introduction To The Use Of Computers In Accounting
Accounting concepts,standards and basis
Introduction to Accounting
Depreciation, Provision and Reserves
Trial Balance and Rectification of Errors
Depreciation, Provision and Reserves
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