NEW
Font size
WorksheetsFinancial Accounting
Total questions: 10
Worksheet time: 5mins
The Capital of the Company is called...............
Debenture Capital
Preference Capital
Share Capital
Others
The originator of Double Entry System
Lucas Pacioli
Marshall
Pikles
Batliboi
According to the concept of conservation, the stock-in-trade is valued at:
Cost Price
Market Price
Cost or Market which ever is higher
Cost or Market which ever is lower
If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........
Trading A/c
Profit & Loss A/c
Assets
Liabilities
If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-
Rs. 4,40,000
Rs. 4,70,000
Rs. 4,00,000
Rs. 5,00,000
_____ is the excess of the purchase consideration over the net value of assets
cash
goodwill
purchase consideration
capital reserve
The person or firm that sells its business to another firm or company is referred to as
goodwill
capital reserve
vendor
purchase consideration
Who issues International Financial Reporting Standards?
The government
The International Accounting Standards Board
The stock exchange
The IFRS Advisory Committee
What is the role of the IASB?
Oversee the standard setting and regulatory process
Formulate international financial reporting standards
Review defective accounts
Control the accountancy profession
The loss on sale of furniture is debited to ........... account
Profit and loss
Furniture
Depriciation
Trading
