Balance sheet is ______.

(a)

An account

(b)

A statement

(c)

Neither a statement nor an account

(d)

None of the above

Salaries appearing in the trial balance is shown on the _______.

(a)

Debit side of trading account

(b)

Debit side of profit and loss account

(c)

Liabilities side of the balance sheet

(d)

Assets side of the balance sheet

Goodwill is classified as _______.

(a)

A current asset

(b)

A liquid asset

(c)

A tangible asset

(d)

An intangible asset

___________ refers to buying and selling of goods with the intention of making profit.

(a)

Trading

(b)

Trial balance

(c)

Balance Sheet

(d)

Profit and Loss Account

____________ is a tax levied by the local authority when the purchased goods enter the municipal limits.

(a)

Wages

(b)

Dock charges

(c)

Octroi

(d)

Royalty

____________ account is tlie second part of income statement.

(a)

Trading

(b)

Profit and loss

(c)

Financial

(d)

Cost

____________ are assets of a relatively permanent nature used in the operations of business and not intended for sale

(a)

Fixed Assets

(b)

Current Assets

(c)

Tangible Assets

(d)

Intangible Assets

Cash in hand is an example of ____________

(a)

Current assets

(b)

Fixed assets

(c)

Current liability

(d)

Contingent liability

Net profit is added to _____________

(a)

Current Asset

(b)

Drawings

(c)

Capital

(d)

Fixed Asset

Carriage outwards will be shown

(a)

In the trading account

(b)

In the profit and loss account

(c)

On the liabilities side

(d)

On the assets side