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Question-1
A financial statement that indicates the success or failure of a business, over a period of time is called:
(A)
A cash flow statement
(B)
A retained earnings statement
(C)
An income statement
(D)
A balance sheet
Question-2
Which one of the following is NOT prepared by non profit organizations?
(A)
Profit & Loss account
(B)
Income & Expenditure account
(C)
Receipts & Payments account
(D)
Balance Sheet
Question-3
A summarized record of transactions related to individuals or things is called a/an:
(A)
Account
(B)
Voucher
(C)
Journal
(D)
Trial balance
Question-4
In the calculation of depreciation, all of the following items are actually estimates except:
(A)
Useful life
(B)
Residual value
(C)
Historical cost
(D)
Salvage value
Question-5
Rent receivable (given in trial balance) is an item of:
(A)
Balance Sheet
(B)
Profit & Loss Account
(C)
Trading Account
(D)
Both Balance Sheet and Profit & Loss Account
Question-6
When a liability is reduced or decreased, it is recorded on the:
(A)
Right or debit side of the account
(B)
Left or debit side of the account
(C)
Left or credit side of the account
(D)
Right or credit side of the account
Question-7
Assets acquired for prolonged use are known as:
(A)
Current Assets
(B)
Fixed Assets
(C)
Tangible Assets
(D)
Intangible Assets
Question-8
Cost incurred for the maintenance of shop is considered as:
(A)
Deferred expense
(B)
Capital expense
(C)
Revenue expense
(D)
Preliminary expense
Question-9
"The charge of depreciation to profit and loss account is equal in respect of an asset till the end of its useful life.”This is the main advantage of:
(A)
Depletion Method
(B)
Revaluation Method
(C)
Fixed Installment Method
(D)
Diminishing Balance Method
Question-10
Which of the following accounting concepts or principles require the calculation of depreciation of the fixed assets?
(A)
Prudence concept
(B)
Accrual concept
(C)
Consistency concept
(D)
Matching concept
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Cambridge Advanced Grade 11
IGCSE
Practice in Related Chapters
Control Accounts
Depreciation and Disposal of Fixed Asset
Introduction to Accounting
Double Entry Book Keeping
The Trial Balance
Incomplete Records
Accounts of Clubs and Societies
Partnership Accounts -PART A
Accounts of Manufacturing Business
Bad Debts and Provision For Doubtful Debts
Books of Prime Entry
Final Accounts
Accruals and prepayments
Accounting Rules
Bank Reconciliation Statement
Petty Cash Books
Business Documents
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