SPECTRUM THEORY QUIZ -2

To check the arithmetical accuracy of books of accounts, the trader prepares...…...Statement

• Trial balance

• Cash flow

• Balance sheet

Decrease in the value of intangible assets is known as

• Depreciation

• Amortisation

• Appreciation

Give journal entry:

Bought furniture for cash

• Furniture a/c….. Dr 

  To cash

• Purchase a/c…..Dr 

  To cash

• Cash a/c….. Dr     

  To Furniture

Installation charges incurred on a fixed assets are included in its cost

• TRUE

• FALSE

Decrease in value of a fixed assets due to normal wear and tear is known as

• Obsolescence

• Spoilage

• Depreciation

…........... Is a book containing a chronological record of transactions originally entered under double entry system

• Journal

• Ledger

• Trial balance

HSN stands for………

• Harmonized System of Nomenclature

• Humanity System Numbers

• Home Shopping Network

What is the maximum rate of GST prescribed under GST Act?

• 28%

• 15%

• 18%

Nominal accounts are…

• Accounts of assets

• Accounts of income and expenses

• Accounts of liability

Withdrawal by the owner reduces

• Assets and owners equity

• Liabilities and capital

• Assets and liability