81.
Things which are purchased by business for resale called
A
Goods
B
Closing stock
C
Lease housing
D
None of these.
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121 practice sets · Page 5 of 7
Things which are purchased by business for resale called
Goods
Closing stock
Lease housing
None of these.
Which principal have separate entity
Going concern concept
Money measurement concept
Accounting period concept
Accounting entity concept
Which concept facilitates recording of business events on a uniform basis.
Going concern
Accounting entity
Money measurement
None of these.
Recouping of short working arise in
Future
Present
Past
None of these
Assets which are held for a short period called
Fixed asset
Contingent asset
Current asset
None of these.
Assets which have no real value but are shown in books of account for technical reasons are called
Fixed asset
Current asset
Fictions asset
None of these.
What is the another term of minimum rent
Fixed and copy right
Dead rent and fixed rent
Patent and copy right
Fixed and dead rent
What is short working?
Excess of minimum rent over actual royalty
Below of minimum rent
Equal to minimum rent
Above to royalty
Payment of monthly rent to land lord is
Economic event
Non economic event
Substantial event
None of these.
The head office prepares branch account to find out ------------------- earned by branch
Dividend
Revenue
Capital
Profit
Branches keeping full system of accounting is called
Dependent branches
Independent branches
Simple branches
None of these.
A person who owes money to the business is a
Debtor
Creditor
Investor
None of these
Assets acquired for long term use in business called
Current asset
Fixed asset
Wasting asset
None of these.
Who is a person to whom business occurs money
Creditor
Debtor
Proprietor
None of these.
The amount of royalty payable is an expense to the lessee and is ------------------ in the royaltyaccount
Credited
Debited
Deducted
None of these
What is to the original form of accounting
Cost accounting
Management accounting
Financial accounting
None of these
What is the expenditure of revenue nature
Contingent liability
Capital expenditure
Revenue expenditure
Deferred revenue expenditure
Expenditure incurred during one year known as
Contigent liability
Capital expenditure
Revenue expenditure
Capital receipt
Any amount spend on increasing the earning capacity of a business is known as
Contigent liability
Capital expenditure
Revenue expenditure
Capital receipt
The head office prepares a combined balance sheet called -----------------
Consolidated balance sheet
Balance sheet of branch
Head balance sheet
None of these.