Tag: Accounting Questions

(A) Results of operations for a particular period
(B) Financial position during a particular period
(C) Profit earning capacity for a particular period
(D) Financial position as on a particular date

(A) The balance of the goods account shows the value of stock in hand;
(B) Balancing of all accounts must be done at the end of each day;
(C) Assets which are to remain in business for continuous use and not meant for conversion into cash are fixed assets
(D) Balance Sheet discloses income position of the business

(A) Balance Sheet discloses financial position of the business
(B) A person who owes to the business is called Debtor
(C) Decrease in the value of the asset could decrease the value of a liability
(D) Assets are to be shown in the Balance Sheet at the realizable value

(A) On the assets side under current assets
(B) On the assets side under loans and advances
(C) On the liabilities side under current liabilities
(D) On the liabilities side under provisions

(A) Sundry Debtors
(B) Stock
(C) Prepaid insurance
(D) All of above

(A) Stock
(B) Vehicle
(C) Fixed deposit in bank
(D) Both (a) and (c) above

(A) Credited to the Profit & Loss Account
(B) Debited to the Profit & Loss Account
(C) Shown on the liabilities side of the Balance Sheet
(D) Shown on the assets side of the Balance Sheet

(A) Profit and Loss Account
(B) Balance Sheet
(C) Funds Flow Statement
(D) Trial Balance