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Which of the following business publishes the Financial Statements?

 

Select correct option: 

  Sole-Proprietorship

 Partnership

 Trust

 Public Limited Company

 

 

While preparing the profit and loss account, "Carriage Inwards" is allocated and apportioned to the different departments on the basis of:

 

Select correct option: 

 

 

 Sales by each department

 Number of employees

 Area occupied by each department

 Purchases by each department

 

 

Capital fund of Non-trading concern is equal to:

 

Select correct option: 

 Assets + Income

 Assets + Liabilities

 Expenditure + Liabilities

 Assets – Liabilities

 

 

 

  

 

 

Under single entry system, which of the following is prepared in order to have an idea about the financial position on a particular date?

 

Select correct option: 

 

 

 Balance sheet

 Stement of equity

 Statement of affairs

 Profit and loss account

 

 

Which of the following is the contra item for Purchases ?

 

Select correct option: 

 

 

 Creditors

 Sales return

 Purchases return

 Provision for doubtful debts

 

 

Provision for income tax would be treated in balance sheet as:

 

Select correct option: 

 

 

 Non-Current Liabilities

 Current Liabilities

 Contingent Liabilities

 Medium Term Liabilities

 

 

  

 

Which of the following consist of money owing for goods supplied to the firm and for expenses & loans? 

 

Select correct option: 

 

Asset

 Capital

 Liability

 Income

 

 

  

 

In the books of head office, the closing balance of branch creditors appear in the:

 

Select correct option: 

 

 

 Debit side of the creditor account

 Credit side of the head office account

 Debit side of the branch account

 Credit side of the branch account

 

 

 

  

Which of the following would be credited for increasing the provision for deferred tax?

 

Select correct option: 

 

  Income tax expenses a/c

 Deferred tax liabilities a/c

 Provision for liabilities a/c

 Provision for income tax a/c

 

 

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