The balance in the trading account is the gross profit or __________.

(a)

Net profit

(b)

Net loss

(c)

gross loss

(d)

balance

Which section of Indian Companies Act 2013 says that all companies should maintain books of accounts on accrual basis of accounting

(a)

Sec. 128 (3)

(b)

Sec. 128 (4)

(c)

Sec. 128 (5)

Accounts of persons with whom the business deals is known as_________.

(a)

Personal Account 

(b)

Real Account 

(c)

Nominal Account 

(d)

Profit & loss Account 

The proprietor of the business is treated as a creditor for capital introduced by him according to _____________________

(a)

Money measurement concept

(b)

Cost concept

(c)

Business entity concept

(d)

Dual aspect concept

Accounting equation arises from which concept?

(a)

Dual aspect concept

(b)

Cost concept

(c)

Prudence concept

Selection of accounting policies is based on___________

(a)

Prudence

(b)

Substance over form

(c)

Materiality

(d)

All the above

If the total assets of a business Rs.1,30,000 and capital is Rs.80,000. calculate the external liabilities (creditors equity)

(a)

Rs.1,00,000

(b)

Rs.50,000

(c)

Rs.30,000

(d)

Rs.70,000

Goods sold to Srinivasan should be debited to _________

(a)

Cash A/c

(b)

Srinivasan A/c

(c)

Sales A/c

(d)

Goods A/c

Under traditional approach, the accounts are Classified into __________categories.

(a)

3

(b)

4

(c)

5

Postage stamps purchased for 50 by the business. This transaction will be recorded in ___________

(a)

Petty cash book

(b)

Purchase book

(c)

Sales book

(d)

Bills receivable book