Accounting

(a) Expired Insurance
(b) Accrued Salaries
(c) Accrued Interest Earned
(d) None of these

(a) Constitutes creation of a formal financial statement
(b) Eliminates the need for entering adjusting entries in the journal
(c) Provides the information needed for journalizing adjusting and closing entries
(d) None of these

(a) For a specified period
(b) On a particular date
(c) At the time of sale of business
(d) None of these

(a) Something with a ready market value
(b) An economic resource, which will provide some future benefits, owned by a business.
(c) The amount of the owner’s investment in a business
(d) None of these

(a) Net income
(b) Revenue
(c) Expenses
(d) Liabilities

(a) Contain only income statement accounts
(b) Contain only balance sheet accounts
(c) Contain both income statement and balance sheet accounts
(d) Be prepared before closing entries are posted to the ledger

(a) It is the form, which an accountant uses for his own aid and convenience.
(b) It assists in the orderly preparation of the adjustments and financial statements at the end of the account period.
(c) It can substitute for Journal and ledger
(d) Only a & b are true

(a) Cash in hand
(b) Surplus or deficiency
(c) Capital account
(d) None of these

(a) Share premium account
(b) Sales account
(c) Depreciation fund account
(d) None of these (P & L A/C Dr and Fixed Asset Cr )

(a) Valuation
(b) Allocation
(c) Both a & b
(d) None of these