Financial Accounting

Business is distinct from the owner. This concept is called __________________

• Business entity concept

• Cost concept

• Going concern concept

• Money measurement concept

Opening stock is ___

• Credited in trading account

• Debited in trading account

• Debited in profit and loss account

• Credited in profit and loss account

In single entry, the  capital is ascertain by preparing __________

• Cash book

• Debtors account

• Creditors account

• Statement of affairs

Under the diminishing balance method depreciation it_______

• Increases every year

• Decreases every year

• Remain constant every year

• On scrap value

Income and expenditure account is a ________

• Personal account

• Nominal account

• Real account

• Real and nominal account

Cheques issued but not presented in the bank are called __________

• Un-presented cheque

• Un-credited cheque

• Un-collected cheque

• Un-cleared cheque

Non-for-profit organisations prepare _______

• Trading account

• Trading &profit &loss account

• Income and Expenditure account

• Profit and loss account

Accounting for Intangible Assets are related to ________

• AS-10 

• AS-12 

• AS-24 

• AS-26

Assets minus liabilities is ________________

• Drawings

• Capital

• Credit

• Profit

Suspense account is usually closed when___________

• Accounts are finalised

• Accounts are audited

• All the errors are rectified

• Unbalanced account