Schedule is used as a ....................
a) Questionnaire b) Tool c) Method d) technique

When will the bill mature if the date of maturity of a bill is a holiday
A. Holiday itself
B. Other agreed day C. Preceding working day D. Next working day

Profit& Loss account is prepared for a period of one year by following
A. Periodicity concept
B. Business entity concept C. Accrual concept D. None of the above

Unpresented cheques are also re- ferred to as
A. Uncollected cheques B. Uncredited cheques C. Outstanding cheques D. Bounced cheques

Money spent to acquire or upgrade physical assets is known as

A. Revenue expense B. Capital expense C. Administrative expense D. Operating expense

Commission to promote credit sale by consignee is known as
A. Del credere commission
B. Over riding commission C. Ordinary commission D. Special commission

Differenceoftotalofdebitandcredit side of the trial balance is transferred to
A. Suspense A/c
B. Difference A/c C. P&LA/c D. Trading A/c

The real accounts are accounts of Assets, Liabilities and
A. Expenses
B. Revenues C. Capital D. Drawing

Noting charges are paid at the time of
A. Renewal of the bill
B. Retirement of the bill C. Dishonor of the bill D. None of the above

All of the following are the methods of inventory costing except
A. FIFO
B. LIFO C. AVCO or average cost D. Stock take

Using ’lower of cost and net realis- able value’ for the purpose of inven- tory valuation is the implementation of which of the following concepts?
A. The going concern concept
B. The separate entity concept C. The prudence concept D. Matching concept

The ratios that refer to the ability of the firm to meet the short term obliga- tions out of its short term resources A. Liquidity ratio
B. Leverage ratio
C. Activity ratio D. Profitability ratio

Whichofthefollowingaccountscan be classified as a real account?
A. Rent expenses account
B. Rent income account C. Insurance expenses account D. Cash account

Which of the following is (are) type(s) of Public Limited Companies? A. Listed companies
B. Non listed companies
C. Private limited companies D. Both listed and non listed compa- nies

Parties to a bill of exchange are
A. Drawer
B. Drawee C. Payee D. All of the above

Amortization of unidentified intangi- ble assets is in terms of
A. Conservatism concept B. Materiality concept C. Matching concept
D. Cost concept