- Generally Accepted Accounting Principle
- Generally Adopted Accounting Principle
- Generally Actual Accounting Paper
- All of the Above
- a
-
GAAP is a collection of accounting rules and standards for financial reporting.
2018
All Solved Past Papers 2018 are included in this section of ETEST Academy’s Website. All Solved MCQs of 2018 of All Departments. All Posts and All Testing Services are also included in this section.
Which of the following business form of business organization is least regulated?
- Limited Partnership
- General Partnership
- Sole Proprietorship
- Corporation
- c
-
In our routine life, Everyone is running a shop / business is called Sole Proprietorship.
OR
Sole Proprietorship is a simple form of business that have not documental registered entity.
The ability of a firm to convert an asset to cash is called:
- Solvency
- Liquidity
- Return
- None of these
- b
Public Company should start business only after getting certificate of:
- Corporation
- After One Year
- ISO
- Commencement of Business
- d
Every business transaction affects at least ….accounts.
- Two
- Three
- Four
- Five
- a
General Journal is a book of ……entry.
- Original
- Final
- Generic
- First
- a
-
In general Journal, The accountant notes all transaction on daily basis.
The system of recording transactions base on duel aspect concept is called:
- Double Accounting System
- Double Entry System
- Single Entry System
- None of the above
- b
-
Double Entry System is a such accounting system in which Debit and Credit sides must be maintained according to transaction.
Share premium money can be used for:
- Issue of fully paid bonus shares
- Write of Goodwill
- Payment of Dividends
- None of these
- a
-
Share Premium is also called Security Premium.
Both debentures and term finance certificate are usually issued by:
- Private Companies
- Public Companies
- Listed Companies
- None of these
- b
If motor van cost is 12500, its accumulated depreciation is 4200, depreciation charged for the year is 2500, What will be the book value at the end of the period?
- 8300
- 5800
- 10000
- None of these
- b