- Balance sheet
- Trading account
- Profit & loss account
- None of these
- b
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The discount account is a:
- Personal account
- Nominal account
- Asset account
- Real account
- b
-
Nominal Account is also known as Temporary Account.
A bank offers 20% compounded monthly. What would be the effective annual rates of return?
- 21.99%
- 21.00%
- 20.50%
- 20.00%
- a
An entry that affects more than one accounts is known as:
- Journal entry
- Compound entry
- Adjusting entry
- Reversing entry
- b
-
In this entry, more than account debit and more than one account credit.
Which one of the following is temporary account?
- Accounts receivables
- Insurance expense
- Cash
- Accounts payable
- b
-
Temporary Account is a such account that is needed to close at the end of fiscal year.(1st July-30th June)
Which of the following feature is shown by the income statement for a merchandising company?
- Gross profit
- Cost of goods sold
- sales revenue section
- All of the given options
- d
-
Income Statement shows company’s income and expenses.
The audit is not a necessary requirement for which of the following companies.
- Sole proprietorship
- Corporation
- Limited companies
- Partnerships
- a
-
Sole Proprietorship means a single person running a business.
Which of the following is not among the five main kinds of current asset?
- Cash and equivalents
- Deferred income
- Accounts receivable
- Prepaid expenses
- b
-
Cash
Cash Equivalents
Accounts Receivable
Stock Inventory / Prepaid Expenses
Marketable Securities
Which of the following is the acronym for GAAP?
- Generally Accepted Accounting Principles
- General Accounting Assessment Principles
- Generally Applied Accountability Principles
- General Accepted Assessment Principles
- a
-
GAAP are a collection of accounting rules and standard for financial reports.
Real accounts are related with:
- Expenses and incomes
- Customers and creditors
- Assets
- None of these
- c
-
A real account is related to Assets and Liabilities for example Bank Account.