Accounting and Analysis.d(2)

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Business is said to be in a profit when
As per the accounting double-entry system, when expense increases, it is ___________.
What does the term “credit” mean in business?
When a Liability is decreased or reduced, it is registered on the
When there is an increase in capital by an amount, it is registered on the
What kind of expenses are not paid from Gross Profit?
Which option gives a review report on the firm’s financial status at a specified date?
Which of the options is not an intangible asset?
Which of the options is an example of business liability?
The unfavourable balance of Profit and Loss account should be
The errors in the books of account are broadly divided into:
Errors which are made while recording transactions in the journal and posting them in the ledger are called:
Errors are classified into the following number of groups:
Goods were purchased from John for $2,000 with no entry made in the purchases book. This is an example of:
When a transaction is wholly or partially recorded incorrectly, it is called:
Salaries of $5,100 were wrongly posted to the salaries account as $1,500. This is an example of:
When a transaction is recorded without due regard to the fundamental principles of accounting, it is an example of:
If no distinction between capital and revenue expenditures is made while a recording transaction, it is:
Inadequate provision for bad and doubtful debts is an example of:
Insufficient depreciation is an example of:
A bill of exchange can not be ______.
Encashing the bill before the date of its maturity is called ______.
On dishonour of a discounted bill, who does the bank look for payment?
Due date of a bill of exchange drawn on 30th January 2011 for one month will be ______.
The party which is ordered to pay the amount of bill of exchange is called ______.
In the case of term bill, extra three days are given to the acceptor are called?
When an acceptor refuses to pay the amount of bill to the holder of a bill on its maturity, is called?
Which of the following is not true?
If the drawer is in need of money and cannot wait till the due date and receive the money from the bank, is called?
The purpose of the accommodation bill is _______.
In cash book, the favourable balance indicates
On the bank statement, cash deposited by the company is known as
Bank reconciliation statement compares a bank statement with _________
What is “Deposit in transit” in bank reconciliation?
NSF’ marked in cheque sent back by the bank indicates
Bank reconciliation description is composed of
An unadjusted balance in cash book is because of the result of which error?
Unpresented cheques also referred to as
In cash book, bank charges of ₹5,000 was not recorded. Name the correct cash book adjustment
What type of cheques is that which is issued by a firm but not yet presented to the bank
……………system of book keeping is the only scientific method to record farmingtransaction.
In single entry system it’s difficult to detect
Single entry constitutes incomplete records rather than single entry
Under pure single entry system only……………..Account are kept.
Under the………………… entry system personal accounts, cashbook and othersubsidiary books are kept separately.
Accounting is mainly concerned with the future management planning.
In…………………entry system no records are kept for real or nominal Account.
Most of the farming transactions are transacted on ……………..basis.
In single entry system it’s difficult to operate …………….system
In single entry system it’s difficult to exercise control over.
What does FIFO mean?
Regardless of how long it takes to produce and sell inventory, inventory is always considered to be a?
The latest cost of inventories is changed to production but the old prices are changed to inventories on hand?
An increase in inventories indicates that?
Which type of inventory system is updated inventory system?
What is the principal criterion used to distinguish between tangible assets and inventories?
Which of the following method is suitable for calculating the cost of inventory when actual costs of individual units of merchandise can be determined from the accounting records?
The inventories are recorded at the latest price but the production cost is changed old cost price?
Which one of the following methods for inventory valuation may be misleading when the units are identical?
During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted to 100,000 and opening inventory was 34,000. The value of closing inventory was?
How do we describe the process of adjusting the value of an asset by recognizing that it is consumed in a way that does not completely eliminate the resource?
If the estimated amount of depreciation on equipment for a period is Rs. 2,000, the adjusting entry to record depreciation would be?
Which one of the following most closely defines ‘Amortization’?
Book value = cost minus _____________?
What is process called, where costs of the natural resources are allocated over its useful life?
Depreciation arises due to?
А machine that cost Rs. 120,000 has accumulated depreciation of Rs. 50,000. The book value of machine is?
What is the process of allocating the cost of intangible assets over its estimated life?
Which of the following items is not a non-cash item?
Depreciable value of an asset is equal to?
Accounting does not provides data or information on
Long term assets without any physical existence but, possessing a value are called
The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
Copyrights, Patents and Trademarks are examples of
The debts which are to be repaid within a short period (a year or less) are referred to as,
Gross profit is
Net profit is calculated in which of the following account?
In order to find out the value of the closing stock during the end of the financial year we,
Which of these best explains fixed assets?
The charges of placing commodities into a saleable condition should be charged to