(A) The amount of the debits exceeds the amount of the credits
(B) There are more entries on the debit side than on the credit side
(C) Its normal balance is debit without regard to the amounts or number of entries on the debit side
(D) The last entry of the accounting period was posted on the debit side
Accounts dealing with transaction relating to persons or an organization is called?
(A) Personal Account
(B) Nominal Account
(C) Real Account
(D) Representative Personal Account
The maximum amount beyond which a company is not allowed to raise funds, by issue of share is?
(A) Issued Capital
(B) Reserve Capital
(C) Subscribed Capital
(D) Authorised Capital
Accounting for Fixed Assets is related to?
(A) AS 7
(B) AS 14
(C) AS 10
(D) AS 21
Which of the following is a non-monetary asset?
(A) Account Receivable
(B) Account Payable
(C) Demand Bank Deposits
(D) Patents and Trademarks
The convention that states that the accounting practice should be followed consistently over the years?
(A) Consistency
(B) Conservation
(C) Materiality
(D) Disclosure
When benefit of a revenue expense extend beyond an accounting year, it is called?
(A) Revenue Expenditure
(B) Capital expenditure
(C) Deferred Revenue Expenditure
(D) Recurring profit
Depreciation amount of a fixed asset represents __.
(A) Historical cost less residual value
(B) Historical cost
(C) Historical cost less cost of disposal
(D) Book Value less scrap value