Prepaid rent is a

June 12, 2021 by admin

Question:

Prepaid rent is a

Nominal Account

Representative Personal Account

Tangible Assets Account

None of the above

Answer» b. Representative Personal Account

Note:

The above multiple-choice question is for all general and Competitive Exams in India.

The finance function is/are ———————-

June 12, 2021 by admin

Question:

The finance function is/are ———————-

Determination of financial requirement of the firm

Obtaining necessary finance from the appropriate sources at minimum possible cost

The allocation of finance in different assets

All of these

Answer» d. All of these

Note:

The above multiple-choice question is for all general and Competitive Exams in India.

Sales of 6,570 is recorded in the sales book as 6,750. Such Error is known as

June 12, 2021 by admin

Question:

Sales of 6,570 is recorded in the sales book as 6,750. Such Error is known as

Error of Principle

Error of Omission

Error of Commission

Compensating Error

Answer» c. Error of Commission

Note:

The above multiple-choice question is for all general and Competitive Exams in India.

Which one of the following is not a financial statement?

June 12, 2021 by admin

Question:

Which one of the following is not a financial statement?

Trial Balance

Profit and Loss account

Balance Sheet

Fund Flow statement

Answer» a. Trial Balance

Note:

The above multiple-choice question is for all general and Competitive Exams in India.

Nominal Account represents

June 12, 2021 by admin

Question:

Nominal Account represents

Profit & Gain

Loss / Expenses

Both (A) and (B)

None of the above

Answer» c. Both (A) and (B)

Note:

The above multiple-choice question is for all general and Competitive Exams in India.

Purchases book is used to record

June 12, 2021 by admin

Question:

Purchases book is used to record

All purchases of goods

All credit purchases

All credit purchases of goods

All credit purchases of assets other than goods

Answer» c. All credit purchases of goods

Note:

The above multiple-choice question is for all general and Competitive Exams in India.

Ledger contains various _______ in it.

June 12, 2021 by admin

Question:

Ledger contains various _______ in it.

transactions

entries

accounts

None of the above

Answer» c. accounts

Note:

The above multiple-choice question is for all general and Competitive Exams in India.

The balance of the Petty Cash is a / an

June 12, 2021 by admin

Question:

The balance of the Petty Cash is a / an

expense

income

asset

liability

Answer» c. asset

Note:

The above multiple-choice question is for all general and Competitive Exams in India.

___________ was introduced in 1969

June 12, 2021 by admin

Question:

___________ was introduced in 1969

Oil Facility

Extended facility

Buffer stock facility

Trust Fund facility

Answer» c. Buffer stock facility

Note:

The above multiple-choice question is for all general and Competitive Exams in India.

It goods worth 1,750 returned to suppler is wrongly entered in sales returned book as1,570 then

June 12, 2021 by admin

Question:

It goods worth 1,750 returned to suppler is wrongly entered in sales returned book as1,570 then

Gross profit will decrease by 3,320

Gross profit will decrease by 3,500

Gross profit will increase by 3,320

Net profit will decrease by 3,140

Answer» a. Gross profit will decrease by 3,320

Note:

The above multiple-choice question is for all general and Competitive Exams in India.