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Question # 1 of 15 ( Start time: 07:31:56 PM ) Total Marks: 1
Which of the following is not true about the “Account”?
Select correct option:
Accounts are only prepared by the business entities
Account always reflects the amount of the single transaction only
Account is effected both by economic and non economic events
All of the given options

Question # 2 of 15 ( Start time: 07:33:17 PM ) Total Marks: 1
Which of the following is NOT one of the three items required to be shown in the heading of a financial statement?
Select correct option:
The preparation date of the financial statement
The title of the financial statement
The unit of measure in the financial statement
The name of the business entity

Question # 3 of 15 ( Start time: 07:34:12 PM ) Total Marks: 1
End product of the accounting cycle is known as the__________
Select correct option:
Tax return
Financial statements
Auditor’s annual report
Annual general meeting

Question # 4 of 15 ( Start time: 07:34:38 PM ) Total Marks: 1
Which of the following is TRUE about both sides of the trial balance?
Select correct option:
Both sides are always positive
Both sides are negative
Both sides are equal
Both sides are not linked which each other

Question # 5 of 15 ( Start time: 07:35:12 PM ) Total Marks: 1
How would an increase in owner’s equity be recorded?
Select correct option:
No effect
Statement is wrong

Question # 6 of 15 ( Start time: 07:35:41 PM ) Total Marks: 1
Which of the following account would NOT be closed to the income summary account at the end of a period?
Select correct option:
Rent expense
Revenue earned
Wages expense
Accumulated depreciation

Question # 7 of 15 ( Start time: 07:36:14 PM ) Total Marks: 1
How many parts does each account have?
Select correct option:

Question # 8 of 15 ( Start time: 07:36:38 PM ) Total Marks: 1
Financial statements are a subset of which of the following?
Select correct option:
Financial reporting
Financial statement analysis
Accounting information
Accounting system

Question # 9 of 15 ( Start time: 07:37:10 PM ) Total Marks: 1
Which of the following principle is used for recording a revenue?
Select correct option:
Matching Principle
Cost Principle
Realization Principle
Objectivity Principle

Question # 10 of 15 ( Start time: 07:38:14 PM ) Total Marks: 1
Mr. A purchases a piece of land for cash and debit made to machinery
account. What would be the effect of this error on the trial balance?
Select correct option:
Debit side would be decrease with the same amount
Credit side would be increase with the same amount
Total of the trial balance would be agree in all aspect
None of the given options

Question # 11 of 15 ( Start time: 07:39:33 PM ) Total Marks: 1
Accounting is called the “language of business” because__________:
Select correct option:
It communicates the financial information to the Management only
In order to run a business one must have knowledge about accounting
Different business accounts are involved in financial statements
It helps to organize and communicate financial information to end users

Question # 12 of 15 ( Start time: 07:40:18 PM ) Total Marks: 1
Which of the following is/are current asset?
Select correct option:
Rent paid for next six months
Cash at bank
Investments in stock market for two weeks
All of the given option

Question # 13 of 15 ( Start time: 07:41:03 PM ) Total Marks: 1
Which of the following is the third step of accounting cycle?
Select correct option:
Preparing financial statements
Preparing trial balance
Making adjusting entries

Question # 14 of 15 ( Start time: 07:42:30 PM ) Total Marks: 1
ABC Company has Rs. 150,000 cash, Rs. 80,000 as accounts receivables,
Rs. 20,000 as allowance for doubtful accounts, Rs. 10,000 as work in
progress inventory, Rs. 55,000 as prepaid expenses, Rs. 50,000 land
purchased in the current year. Calculate the value of current assets.
Select correct option:
Rs. 275,000
Rs. 315,000
Rs. 365,000
Rs. 220,000

Question # 15 of 15 ( Start time: 07:43:54 PM ) Total Marks: 1
The definition of cash as used in “Cash Flow Statements” includes:
Select correct option:
Only cash balances
Only bank balances
Bank balances and bank overdrafts
Cash in hand plus bank balances less bank overdrafts

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