- Journal entry
- Compound entry
- Adjusting entry
- Reversing entry
- b
-
In this entry, more than account debit and more than one account credit.
All Testing Services Solved Papers
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.
The board of directors shall appoint first auditor of a company ___________
- within one month of the commencement of the business of the company
- within one month of completion of capital subscription state of the company
- within one month of incorporation of the company
- within one month of the promotion of the company
- c
Production function refers:
- Input to output
- Cost to output
- Wages to profit
- Cost to input
- a
A shareholder in a company:
- Cannot be its debenture holder
- Can be member of board of directors
- Can be its debenture holder
- Can be liable to unlimited entry
- b