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1.

The long term assets that have no physical existence but are rights that have value is known
as
a) Current assets
b) Fixed assets
c) Intangible assets
d) Investments
Ans:-c
2. Patents, copyright and Trademarks are
a) Current assets
b) Intangible assets
c) Investments
d) Fixed assets
Ans:-b
3. The sales income ( Credit and Cash) of a business during a given period is called
a) Transactions
b) Sales returns
c) Turnover
d) Purchase Returns
Ans:- c
4. The accounts that record expenses gains and losses is
a) Personal accounts
b) Nominal accounts
c) Real accounts
d) None of this
Ans:- b
5. Real accounts records
a) Dealings with assets
b) Dealings with creditors or debtors
c) Gains and losses
d) All of the above
Ans:- a
6. Which of the following accounts will be credited if a company purchases building for cash?
a) Capital accounts
b) Fixed assets account
c) Building accounts
d) Cash account
Ans:-d
7. Accounting provides information on
a) Cost and income for managers
b) Company’s tax liability for a particular year
c) Financial conditions of an institutions
d) All of above
Ans: d
8. The assets that can be converted into cash within a short period (I.e. 1year or less) are
known as
a) Current assets
b) Fixed assets
c) Intangible assets
d) Investments
Ans: a
9. The debts, which are to be repaid within a short period (year or less) are known as
a) Current liabilities
b) Fixed liabilities
c) Contingent liabilities
d) None of this
ans:- a
10. Any written evidence in support of a business transaction is called
a) Journal
b) Ledger
c) Ledger posting
d) Voucher
11. Real accounts records
a) Dealings with creditors or debtors
b) Dealings in commodities
c) Gains and losses
d) Gains and losses
e) All of the above
Ans:- B
12. The process of entering all transactions from the journal to ledger is called
a) Entry
b) Posting
c) Accounting
d) None of above
Ans:- b
13. Balance sheet is a statement of
a) Assets
b) Liability
c) Capital
d) All of above
Ans:- d
14. When a business man take cash from his own business called
a) Investment
b) Withdraw
c) Drawings
d) None of this
Ans:- c
15. Which of following is related to scientific system of maintain account?
a) Single entry
b) Double entry
c) Contra entry
d) Book entry
Ans:-b
16. Debit the receiver, credit the giver is rule for
a) Real account
b) Tangible real account
c) Nominal account
d) Personal account
Ans:- d
17. Interest earned is a
a) Personal account
b) Real account
c) Nominal account
d) None of this
Ans:-c
18. Investment is a
a) Personal account
b) Real account
c) Nominal account
d) Representative personal account
Ans:-b
19. What is the main objective of financial accounting
a) Profit and loss account only
b) Balance sheet only
c) Both profit and loss account and balance sheet
d) Trial balance only
Ans:- c
20. In profit and loss account, if debit is more than credit, the difference is
a) Net Profit
b) Net Loss
c) Gross Profit
d) None of above
Ans:- a