(A) Trading A/c and Balance Sheet
(B) Profit and Loss A/c
(C) Balance Sheet only
(D) Trading A/c only
Tag: Accounting Questions
Closing entries are generally passed __.
(A) At the time of opening new books of account
(B) At the time of closing the accounts;
(C) During the course of accounting period any time
(D) After certification of accounts
Which of the following statements is true?
(A) Bad Debts Recovered Account is transferred to Sundry Debtors Account
(B) Bill of exchange is drawn by the purchaser
(C) Trial Balance establishes the arithmetical accuracy of the accounting records
(D) A well maintained asset need not be depreciated
Which of the following is not a contingent liability?
(A) Debts included in Sundry Debtors which are doubtful in nature
(B) Uncalled liability on partly paid shares
(C) Claims against the company not acknowledged as debts
(D) Arrears of fixed cumulative dividend
Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?
(A) Business entity concept
(B) Money measurement concept
(C) Going concern concept
(D) Matching concept
Which of the following is a current liability?
(A) Prepaid expenses
(B) Trademark
(C) Discount on issue of shares
(D) Outstanding Salaries
Which of the following is not an intangible asset?
(A) Trade mark
(B) Franchise
(C) Accounts Receivable
(D) Secret Profit
Computers taken on hire by a business for a period of twelve months should be classified as?
(A) Current assets
(B) Intangible assets
(C) Deferred revenue expenditure
(D) Not an asset