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Attempt all the given problems.

problem 1: Financial position of the business means signifies:

a) Net effect of the business operations.
b) Systematic records of the business transactions.
c) What the business owes to others and what it owns at a given point of time.
d) All of the above.

problem 2: As per which concept are the business enterprise and its owner treated as two separate entities?

a) Business entity concept.
b) Dual aspect concept.
c) Historical record concept.
d) Cost concept.

problem 3: Posting will be completed in the:

a) Ledger.
b) Trial Balance.
c) Journal.
d) All of the above.

problem 4: Trial Balance is prepared:

a) Before preparation of final accounts.
b) After preparation of final accounts.
c) Before posting in the ledger.
d) All of the above.

problem 5: Bank overdraft signifies:

a) Amount withdrawn from the bank in surplus of amount of balance in the Bank Account.
b) Credit balance in the Bank Account.
c) When there is no balance in the account in the bank.
d) All of the above.

problem 6: Sales Return Journal is also termed as:

a) Returns Outwards Journal.
b) Returns Inwards Journal.
c) Day Book.
d) Invoice Book.

problem 7: Trading Account is prepared to determine:

a) Cost of Sales.
b) Direct Expenses.
c) Gross Profit.
D) Cost of Production.

problem 8: Interest on drawings is shown on the:

a) Credit side of Profit and Loss Account.
b) Debit side of Profit and Loss Account.
c) Credit side of Trading Account.
d) Debit side of Trading Account.

problem 9: Goodwill is a

a) Tangible asset.
b) Wasting asset.
c) Fixed asset.
d) Intangible asset.

problem 10: Sundry Debtor is:

a) Current asset.
b) Current liability.
c) Liquid asset.
d) Long-term liability.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92250

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