A. profit and loss account
B. Manufacturing account
C. Income and Expenditure Account
D. Cost of good sold
Submitted by: Aqib Niazi
Related Mcqs:
- For which step of accounting process the accountants of business entity prepare financial statements?
A. Identification of economic event
B. Communication of financial information
C. Recording financial information
D. Making decisions about business - 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 stock - Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?
A. Added, Reduced
B. Added, Added
C. Deducted, Added
D. Deducted, Deducted - The unsold goods are ______________?
A. Equity
B. Sale return
C. Inventory
D. Purchases - Cash book records:______________?
A. Cash payments
B. Cash receipts
C. Cash payments and cash receipts
D. Neither cash payments nor cash receipts - If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.
A. Arithmetic accuracy
B. Errors of commission
C. Omissions of economic events
D. Understatements of balances - ________ is a separate legal entity that Total capital can be divided in many shares.
A. Partnership
B. Sole proprietorship
C. Company
D. Non-profit organization - The real accounts are accounts of Assets, liabilities and ___________?
A. Expenses
B. Revenues
C. Capital
D. Drawing - Insurance prepaid is shown as:___________?
A. Current Asset
B. Current Liability
C. Fixed Asset
D. Income - From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.
A. 6441
B. 5431
C. 7654
D. 9876
