Credit purchase is obtained from _______

(a)

Bills receivable account

(b)

Bills payable account

(c)

Total debtors account

(d)

Total creditors account

Rs. 10,000 received as to annual membership subscription. Out of this Rs. 2,000 is pertaining to the previous accounting period whereas Rs. 1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

(a)

Rs. 10,000

(b)

Rs. 9,000

(c)

Rs. 12,000

(d)

Rs. 8,000

Amount invested by partners in the partnership business is called __________

(a)

Owner's capital

(b)

Partner's capital

(c)

Profit and loss appropriation

(d)

None of these

Goodwill acquired by making payment in cash or kind is called __________

(a)

Purchased goodwill

(b)

Self-generated goodwill

(c)

Average goodwill

(d)

'a' and 'b'

When an unrecorded liabilities is brought into books, is results in

(a)

profit

(b)

loss

(c)

income

(d)

expense

The policy amount received from the insurance company is used to settle the amount due to the __________

(a)

Increased partner

(b)

Deceased partner

(c)

Partnership at will

(d)

Partnership deed

The capital of companies is divided into small units called __________

(a)

shares

(b)

debentures

(c)

dividend

(d)

none of these

When figure relating to several years are considered for the purpose of analysis, the analysis is called ______________

(a)

Horizontal analysis

(b)

Vertical analysis

(c)

Trend analysis

(d)

Cash flow analysis

Cost of goods sold is Rs.4,00,000 and average stock is Rs.8,00,00. Stock turnover ratio will be ___________

(a)

5 times

(b)

4 times

(c)

7 times

(d)

8 time

Transactions are to be recorded through ________

(a)

journal entries

(b)

voucher entries

(c)

accounting entries

(d)

none of these