Assets-Liabilities=____________?
Assets-Liabilities=____________?
A. Cash
B. Equity
C. Net income
D. Net expenses
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Cash book with cash and discount column is mostly referred as________?
Cash book with cash and discount column is mostly referred as________?A. Simple cash book
B. Two column cash book
C. Three column cash book
D. Petty cash bookInstitute of Chartered Accountants of Pakistan was established in____________?
Institute of Chartered Accountants of Pakistan was established in____________?A. 1949
B. 1956
C. 1961
D. 1972The main objective of providing depreciation is to?
The main objective of providing depreciation is to?
A. Calculate the true profit
B. Show the true financial position in the Balance Sheet
C. Provide funds for replacement of fixed assets
D. Both A. and B. aboveThe main objective of providing depreciation is to find out the true Net Profit or Loss for
an accounting period and to present a true and fair view of the state of affairs of the business.
Providing funds for replacement is only an ancillary objective and not the main objective.]The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?
The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?
A. Depreciation
B. Physical deterioration of the asset
C. Decrease in market value of the asset
D. Valuation of an asset at a point of timeRevenue and expense accounts are referred as______________?
Revenue and expense accounts are referred as______________?A. Nominal accounts
B. Real account
C. Cash accounts
D. Banks accountThe balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?
The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?
A. Sales
B. Purchases
C. Inward returns
D. Closing stockThe closing stock D. is the value of goods which remain unsold at the end of the period whose balance appears once in Trading Account and once in Balance Sheet of the business.
All other accounts sales A., purchases B. and Inward Returns C. are closed once they are absorbed by the Trading Account. Thus D. is the correct answer.