Basics of Accounting Bit Bank
1). ————— is same like deprecation.?
Answer :: Amortization
Answer :: Amortization
2). For depreciating leases the suitable method is ———.?
Answer :: Annuity method
Answer :: Annuity method
3). Trading Account is prepared to ascertain —————-.?
Answer :: Gross Profit
Answer :: Gross Profit
4). P/L Account is closed by transferring its balance to———.?
Answer :: Capital Account
Answer :: Capital Account
5). P/L Account shows the ————————– for an Accounting period.?
Answer :: Financial performance
Answer :: Financial performance
6). Balance sheet shows the ————— at a particular date?.
Answer :: Financial position
Answer :: Financial position
7). Wages and salaries appearing in trail balance are shown on the————-.?
Answer :: Debit side of treading Account
Answer :: Debit side of treading Account
8). Outstanding wages appearing in trail balance is shown on the ————-.?
Answer :: Liabilities side of balance sheet
Answer :: Liabilities side of balance sheet
9). Prepaid insurance appearing in trail balance is shown on the ————?.
Answer :: Assets side of Balance Sheet
Answer :: Assets side of Balance Sheet
10). Closing stock appearing in trail balance is shown on the —————.?
Answer :: Assets side of Balance Sheet
Answer :: Assets side of Balance Sheet
11). Capital work in progress is ————–.?
Answer :: Tangible asset
Answer :: Tangible asset
12). Drawings are——————?.
Answer :: Deducted from capital
Answer :: Deducted from capital
13). The debit balance in the P/L Account is a————-?.
Answer :: Loss
Answer :: Loss
14). The value of human resources is generally not shown in balance sheet as per —————–?.
Answer :: Money measurement concept
Answer :: Money measurement concept
15). Accrued income is shown as a —————-.?
Answer :: Current asset
Answer :: Current asset
16). Un accrued income is shown as a ——————.?
Answer :: Current liability
Answer :: Current liability
17). A promissory note is an ————— to pay.?
Answer :: Unconditional promise
Answer :: Unconditional promise
18). In case of Promissory note, there are ————–.?
Answer :: 2 parties
Answer :: 2 parties
19). A bill of exchange is an —————- to pay?.
Answer :: Unconditional order
Answer :: Unconditional order
20). In case of bill of exchange there are ————?.
Answer :: 3 parties
Answer :: 3 parties