(A) Depreciation
(B) Interest on Loan
(C) Payment on Dividend
(D) Donation
Profit and loss on Depreciation Investment Fund A/c is transferred to __.
(A) Profit and Loss A/c
(B) General Reserve A/c
(C) Trading A/c
(D) Capital Reserve A/c
Two primary qualitative characteristics of Financial Statements are __.
(A) Understandability and Materiality
(B) Relevance and Reliability
(C) Relevance and Understandability
(D) Materiality and Reliability
Cost of goods sold excludes __.
(A) Opening Stock
(B) Closing Stock
(C) Wages and Salary
(D) Salesmen Commission
Cash sales will be recorded in __.
(A) Sales Day Book
(B) Cash Book
(C) Purchase Book
(D) Return in Ward Book
Owing of the business are called __.
(A) Liabilities
(B) Capital
(C) Net Worth
(D) Assets
The document listing the latest balances of all Real and Personal A/c in the ledger on a given date is known as __.
(A) Trial Balance
(B) Positional Statement
(C) Income Statement
(D) Charter of Accounts
Residual value is the __.
(A) value of the asset when it is purchased
(B) value of the asset at the end of its useful life
(C) cost of the asset
(D) allocation of the cost