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Question-1
_________ 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-2
Sundry Debtors are shown under the head _______.
(A)
Misc.Expenditure
(B)
Current Assets
(C)
Loans and Advances
(D)
Investment
Question-3
Income statement is also called __________.
(A)
Profit and Loss Account
(B)
Trading Account
(C)
Balance sheet
(D)
None of these
Question-4
Financial Statement are prepared on certain basic assumption known as _______.
(A)
Accounting Conventions
(B)
Postulate
(C)
Principles
(D)
None of these
Question-5
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-6
__________ is not an account
(A)
Profit and Loss A/C
(B)
Trading
(C)
Balance sheet
(D)
None of these
Question-7
_________ 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-8
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-9
The owners of a company are called _______.
(A)
Investors
(B)
Share - holders
(C)
Employees
(D)
None of these
Question-10
__________ are the end products of accountancy process
(A)
Profit and Loss A/C
(B)
Trading A/C
(C)
Financial Statements
(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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