(a) Sales account
(b) Mustafa account
(c) Sales account and Mustafa Account
(d) None of these
Sales to Mustafa of Rs. 10,000 not recorded in the books would affect Read More »
(a) New profit sharing ratio
(b) Old profit sharing ratio
(c) Sacrificing ratio
(d) Gaining ratio
At the time of admission of a new partner, goodwill raised should be written off in: Read More »
(a) An income
(b) An asset
(c) A liability
(d) A loss
Subscriptions received in advance is Read More »
(a) Capital expenditure
(b) Revenue expenditure
(c) Deferred revenue expenditure
(d) None of these
Heavy expenditure on advertisement of a new product is a: Read More »
(a) A budget for single level of activity
(b) A budget which ignored inflation
(c) Used only for fixed cost
(d) An overhead cost budget
A fixed budget is Read More »
(a) Investors
(b) Labour unions
(c) Line manager
(d) General public
External uses of financial accounting information include all of the following except Read More »
(a) Language of Business
(b) Is an end rather than a mean to an end
(c) Useful for decision making
(d) Used by business government, nonprofit organizations and individuals
Which of the following does not describe accounting Read More »
(a) Debtor ratio
(b) Current ratio
(c) Cash flow from operating activities
(d) Quick ratio
Which of the following is least important as a measure of short term liquidity Read More »
(a) Face value
(b) Current cash value
(c) Cash
(d) Estimated future sales value
In general terms, financial assets appear in the balance sheet at Read More »
(a) Real account
(b) Contra asset
(c) Nominal account
(d) Unrecorded revenue account
In general, the accounts in the income statement are known as Read More »
