- Depreciation
- Accounts receivable
- Accounts payable
- Inventory
- a
2019
All Solved Past Papers 2019 are included in this section of ETEST Academy’s Website. All Solved MCQs of 2019 of All Departments. All Posts and All Testing Services are also included in this section.
Heavy expenditures on advertisement of a new product is a:
- Revenue expenditure
- Differed revenue expenditure
- Capital expenditure
- None of these
- b
Direct expenses are charged on:
- Balance sheet
- Trading account
- Profit & loss account
- None of these
- b
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