14.04

Accounting Provides information on

• Cost and income for managers

• Company's tax liability for a particular year

• Financial conditions of an institution

•   All of the above

The long-term assets that have no physical existence but are rights that have value is known as

• Current assets

• Non-Current assets

• Intangible assets

• Investments

The process of entering all transactions from the journal to ledger is called

• Posting

• Entry

• Accounting

• None of the above

Which of the following is not one of the three forms of business organization?

 

• Corporations

• Partnerships

• Proprietorships

• Investors

Accounts that continuing existing even after the end of the accounting year are known as

• Nominal Accounts

• Real Accounts

• Permanent Accounts

• Revenue Accounts

A percentage reduction from the list price of merchandise allowed to retailers by whole sellers is called

• Commission

• Trade Discount

• Cash discount

• Allowance

The separate entity assumption means:

• A company’s financial statements reflect both the business and owner transactions of that company.

• Each owner’s finances must reveal in the company’s financial statements.

• The business’s transactions must be accounted separately from the owner’s transactions.

• All the above

Cost of goods sold is equal to ______.

• Opening stock + purchases + closing stock

• Opening stock - purchases + closing stock

• Opening stock + purchases - closing stock

• Closing stock + purchases - Opening stock

When a company receives a telephone bills but not pay at the end of accounting period, it is called

• Advanced revenue

• Accrued expenses

• Prepaid expenses

• Accrued revenue

In which part of Statement of Comprehensive Income, prepaid rent is recorded

               

• Current asset

•   Non-current asset

• Current liabilities      

• Non-current liabilities