Who is considered to be the internal user of the financial information?

(a)

Creditor

(b)

Employee

(c)

Cutomer

(d)

Government

The industrial revolution took place in ______________

(a)

18^th century

(b)

19^th century

(c)

20^th century

(d)

21^th century

The amount receivable or realised from sale of goods and the earnings from interest, dividend, commission, etc., is

(a)

revenue

(b)

expense

(c)

income

In a ledger account, when the debit total and credit total are equal it is called ________________

(a)

debit balance

(b)

credit balance

(c)

both 'a' and 'b'

(d)

nil balance

Which of the following is/are the objective(s) of preparing trial balance?

(a)

Serving as the summary of all the ledger accounts

(b)

Helping in the preparation of final accounts

(c)

Examining arithmetical accuracy of accounts

(d)

a, b and c

The total of the bills receivable book is posted to the debit of _____ account.

(a)

bills payable

(b)

bills receivable

(c)

both

(d)

none of these

On Jan 1^st 2017, Rs. 1,000 given to petty cashier. He has spent Rs.960during the month of January. On Feb 1^st to make the imprest he will receive cheque for Rs. ________.

(a)

Rs. 1,000

(b)

Rs. 960

(c)

Rs. 1,960

(d)

Rs. 40

The total of purchases book was overcast. Which of the following accounts should be debited in the rectifying journal entry?

(a)

Purchases account

(b)

Suspense account

(c)

Creditor account

(d)

None of the above

Meaning of Salvage value is___________.

(a)

Cash to be paid when asset is disposed off

(b)

Estimated disposal value

(c)

Definite sale price of the asset

(d)

Cash to be received when life of the asset ends

The loss which is not incurred in the normal course of business is ___________

(a)

Capital loss

(b)

Revenue loss

(c)

both 'a' and 'b'

(d)

None of these