Net income equal to Revenues minus____________?
Net income equal to Revenues minus____________?
A. Gains
B. Depreciation
C. Expenses
D. Capital expenditures
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A journal entry in which two or more account is debited or credited is referred as____________?
A journal entry in which two or more account is debited or credited is referred as____________?
A. Journal entry
B. Multi entry
C. Additional entry
D. Compound entryThe process of recording transactions in different journals is called_________?
The process of recording transactions in different journals is called_________?
A. Posting
B. Entry making
C. Adjusting
D. JournalizingIn support of business transaction, any written evidence is called ___________?
In support of business transaction, any written evidence is called ___________?A. Discount
B. Voucher
C. Allowance
D. PriceBank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).A. Cash receipt journal
B. Cash payment journal
C. Cash book
D. Financial statementsWhich of the following is true about a trial balance?
Which of the following is true about a trial balance?
A. It lists down the balances of accounts
B. It lists down the balances of a balance sheet
C. It is a kind of financial statement
D. It is not a part of accounting cycleWhich of the following will not appear in Profit and Loss Account of a business?
Which of the following will not appear in Profit and Loss Account of a business?A. Drawings
B. Bad debts
C. Accrued expenses
D. Reserve for discount on Sundry Creditors
Profit and Loss Account is an income statement which depicts all incomes/gains and
expenses/losses during an accounting period. Drawings are neither an income nor an expense to be recorded in Profit and Loss Account. Thus A. is the correct answer. The items in other alternatives are either expenses or accrued expenses or probable income of discount on sundry creditors. The depreciation, bad debts and provision for doubtful debts and accrued expenses appear in the Profit and Loss Account and provision for income i.e., provision for discount on sundry creditors. Hence A. is the correct answer.