Tag: Accounting Questions

(A) Profit before Income Tax
(B) Profit before Interest and Tax
(C) Profit before Internal Transfers
(D) Profit by Income Tax

(A) Check true and fair view of Balance Sheet
(B) To check arithmetic accuracy of A/cs
(C) To ensure legal compliance
(D) To ensure compliance to IFRS

(A) Science
(B) Art
(C) Subject matter of sociology
(D) Subject matter of philosophy

(A) Who draw a bill of exchange
(B) Who presents the bill of exchange for payment
(C) Who accepts the bill of exchange
(D) Who holds the bill of exchange till maturity

(A) To provide financial information to the users of the financial statements
(B) To portray gloomy picture of the business in order to evade tax liabilities
(C) To keep a systematic record of business transactions
(D) To depict a true and fair view of the financial position of the business

(A) Joint Venture A/c
(B) Joint Bank A/c
(C) Memorandum Joint Venture A/c
(D) Other Co- venture A/c

(A) Fire insurance premium of office building
(B) LIC premium on the life of proprietor
(C) Interest on capital
(D) Repair of office furniture

(A) Total Liabilities
(B) Net worth
(C) Shareholders Fund
(D) Gross Block