Balance Sheet

Q.

Opening Stock is shown on ____ side of _________ account

1. Credit, Profit or loss

2. Debit, Trading

3. Credit, Trading

4. Debit, Profit or loss

Q.

Net loss is shown in the balance sheet as ________.

1. A liability

2. An addition to capital

3. A deduction from capital

4. An asset

Q.

In what order are current assets listed on a balance sheet?

Q.

Outstanding expenses are shown in the ___________.

1. Balance sheet as Assets

2. Balance sheet as Liabilities

3. Debit side of Profit or loss A/c

4. Credit side of Profit or loss A/c

Q.

Prepaid expense is treated as ______

1. Current Asset

2. Current Liability

3. None of the above

4. Short term liability

Q.

Which of the following would not appear on the balance sheet?

1. Carriage Inwards

2. Drawings

3. Money owed by the firm to suppliers

4. Machinery

Q. ___is prepared to know the financial position of the business.

1. Balance Sheet

2. Trading Account

3. Profit and Loss Account

4. None of these

Q.

Accounting information refers to the financial statements. The information provided by these statements can be categorised into various types. Briefly describe them.

Q. Net profit increases the capital and net loss ______ it.

1. Increases
2. All of the above

3. Decreases

4. Does not change

Q.

Depreciation does not depend on the fluctuations that takes place in ……………………….

1. Market value of asset

2. Cost of price of asset

3. Scrap value of asset

4. None of these

Q.

Can input credit in VAT be claimed on fixed assets?

Q.

What are the aims and objectives of the bill of exchange?

Q.

Liabilities in the balance sheet include the following items?

1. Long term loan

2. Short term loan

3. Owner`s fund

4. All of these

Q.

What is meant by qualitative information?

Q.

Which of the following represents the entity`s financial position ?

1. Profit & Loss account

2. None of the above

3. Cash Flow Statement

4. Balance sheet

Q.

Is owners equity a shareholders equity?

Q.

What Are Net Fixed Assets on the Balance Sheet?

Q.

A _____ gives an overview of assets, equity, and liabilities of the company.

1. Profit & Loss account

2. Balance sheet

3. Cash Flow Statement

4. None of the above

Q.

List any five users who have the indirect interest in accounting.

Q.

How is trade credit represented in the books of buyers?

Q. Which of the following is a part of balance sheet of a business entity?

1. Rent paid
2. Machinery
3. Salaries payable
4. Provision for tax
5. Owner's equity
6. Depreciation
7. Closing stock
8. Sales
9. Gross profit

Q. Select the most appropriate alternatives from those given below and rewrite the statements :

Surplus of income over expenses is ______.
a) Loss
b) Profit
c) Financial Societies
d) Deficit

Q.

Which of the following is regarded as apt to show the purchase of a fixed asset?

1. Bank Statement

2. Profit & Loss Account

3. Income & Expenditure account

4. Balance sheet

Q. Select the most appropriate alternatives from those given below

Pre-received income is shown on _________ side Balance sheet
a) Assets
b) Liabilities
c) credit
d) debit