125876 + Interview Questions in General QA

1.	Write any two important features of the second-generation system.
Answer» Use of symbolic or assembly language. Introduction of early versions of COBOL and FORTRAN which were high-level languages.

Discussion

2.	Name the language used in the first generation of computers.
Answer» Machine language was used in the first generation of computers.

Discussion

3.	Expand the term UNIVAC.
Answer» UNIVersal Automatic Computer.

Discussion

4.	What is the stored program concept? Who developed it?
Answer» A stored-program concept is one in which program and data are stored. in the main memory and then the processor fetches instructions and executes them, one after another. It was developed by von Neumann.

Discussion

5.	Who developed the stored program concept?
Answer» John von Neumann developed the stored program concept.

Discussion

6.	Define program.
Answer» A computer program is a sequence of logical actions or instructions.

Discussion

7.	What excuses did Neel give to avoid cleaning his room?
Answer» Neel says that he is going out to meet his friends. He then says that he had cleaned his room just two days earlier. He wonders why it needs to be cleaned daily, for it makes no difference.

Discussion

8.	In case of regressive tax, the larger the income of a tax-payer.(a) smaller is the proportion of tax levied (b) tax is levied at the constant rate (c) greater is the proportion of tax levied (d) zero tax is levied
Answer» Correct option: (a) smaller is the proportion of tax levied

Discussion

9.	In India, GST became effective from ………………….(a) 1st April, 2017(b) 1st January, 2017(c) 1st March, 2017(d) 1st July, 2017
Answer» Correct option is (d) 1st July, 2017

Discussion

10.	Which of the following tax will be abolished by the GST?(a) Service tax(b) Income tax(c) Wealth tax(d) Corporation tax
Answer» Correct option is (a) Service tax

Discussion

11.	Explain any two benefits of GST.
Answer» The benefits of GST are as under ; One tax: In place of different indirect taxes of central government and state governments these taxes are subsumed in one tax only. Simple tax system: Indirect tax system becomes very simple due to elimination of different indirect taxes.

11.

Explain any two benefits of GST.

Answer»

The benefits of GST are as under ;

One tax: In place of different indirect taxes of central government and state governments these taxes are subsumed in one tax only.
Simple tax system: Indirect tax system becomes very simple due to elimination of different indirect taxes.

Discussion

12.	Which types of needs are considered to determine GST rates?
Answer» GST rates are decided keeping in mind the nature of needs, from basic needs to luxury needs.

Discussion

13.	Explain any two special features of GST.
Answer» The special features of GST are as under: One tax: Goods and Services are covered under one tax only. Tax collection on supply: Tax is collected on supply of goods and completion of services instead of tax collection on production or sales of goods or provinding of services.

13.

Explain any two special features of GST.

Answer»

The special features of GST are as under:

One tax: Goods and Services are covered under one tax only.
Tax collection on supply: Tax is collected on supply of goods and completion of services instead of tax collection on production or sales of goods or provinding of services.

Discussion

14.	Why is partnership considered by some to be a relatively unpopular form of business ownership? Explain the merits and limitations of partnership.
Answer» Partnership is considered by some to be relatively unpopular form of business ownership because: 1. Uncertainty of duration: A partnership suffers from a possible limited span of life. Legally, a partnership firm must be dissolved on the retirement, death, bankruptcy, or lunacy of any partner or demanded by any partner. The probability of any one of these events occurring when the number of partners is much greater than in the case of a sole proprietor. 2. Risks of additional liability: It is true that like the sole proprietor, each partner has unlimited liability. But his liability may arise not only from his own acts but also from the acts and mistakes of co-partners over whom he has no control. 3. Lack of harmony: The old saying that “too many cooks spoil the broth” can be apt for a business partnership. Harmony may be difficult to achieve, especially when there are many partners. Lack of centralized authority and conflicts in policy can disrupt the organization. 4. Difficulty in withdrawing investment: Investment in a partnership can be simple, but its withdrawal may be difficult or costly when this aspect is considered from the point of view of individual partners. This is so because no partner can withdraw his interest from the firm without the consent of all partners. 5. Lack of public confidence: A partnership may suffer from lack of public confidence 6. Lack of public confidence: A partnership may suffer from lack of public confidence because, like that of a company there is no legal mechanism to enforce the registration of a partnership firm and the disclosure of its affairs. 7. Limited resources: A partnership is good as it can be started with limited capital. However, it becomes a handicap in the growth and expansion phases of the business. There is a limit beyond which it is almost impossible for partners to collect capital. This limit is generally up to the personal properties of the partners. 8. Unlimited liability: Unlimited liability discourages partners to undertake risky ventures, and therefore, their risk-taking initiative is very risky. Merits of Partnership It is easy to set up. It has more capital, which can be brought into the business. Partners brings new skills and ideas to a business. Decision-making can be much easier with more brains to think about a problem. Partners share responsibilities and duties of the business. Division of labour is possible as partners may have different skills. Limitations of Partnership There is an unlimited liability: All the partners are responsible for the debts of the firm and if the business goes bankrupt, all the partners will have to clear the debts even if they have to sell off their personal belongings. Disagreement among the partners can lead to problems for the business. There is a limit to the capital invested. Because of the fact that maximum 20 members are allowed, the business may find it difficult to expand after a certain limit. There is no continuity of existence. Partnership is dissolved if one of the partners die or resigns or becomes bankrupt

14.

Why is partnership considered by some to be a relatively unpopular form of business ownership? Explain the merits and limitations of partnership.

Answer»

Partnership is considered by some to be relatively unpopular form of business ownership because:

1. Uncertainty of duration: A partnership suffers from a possible limited span of life. Legally, a partnership firm must be dissolved on the retirement, death, bankruptcy, or lunacy of any partner or demanded by any partner. The probability of any one of these events occurring when the number of partners is much greater than in the case of a sole proprietor.

2. Risks of additional liability: It is true that like the sole proprietor, each partner has unlimited liability. But his liability may arise not only from his own acts but also from the acts and mistakes of co-partners over whom he has no control.

3. Lack of harmony: The old saying that “too many cooks spoil the broth” can be apt for a business partnership. Harmony may be difficult to achieve, especially when there are many partners. Lack of centralized authority and conflicts in policy can disrupt the organization.

4. Difficulty in withdrawing investment: Investment in a partnership can be simple, but its withdrawal may be difficult or costly when this aspect is considered from the point of view of individual partners. This is so because no partner can withdraw his interest from the firm without the consent of all partners.

5. Lack of public confidence: A partnership may suffer from lack of public confidence

6. Lack of public confidence: A partnership may suffer from lack of public confidence because, like that of a company there is no legal mechanism to enforce the registration of a partnership firm and the disclosure of its affairs.

7. Limited resources: A partnership is good as it can be started with limited capital. However, it becomes a handicap in the growth and expansion phases of the business. There is a limit beyond which it is almost impossible for partners to collect capital. This limit is generally up to the personal properties of the partners.

8. Unlimited liability: Unlimited liability discourages partners to undertake risky ventures, and therefore, their risk-taking initiative is very risky.

Merits of Partnership

It is easy to set up.
It has more capital, which can be brought into the business.
Partners brings new skills and ideas to a business.
Decision-making can be much easier with more brains to think about a problem.
Partners share responsibilities and duties of the business.
Division of labour is possible as partners may have different skills.

Limitations of Partnership

There is an unlimited liability: All the partners are responsible for the debts of the firm and if the business goes bankrupt, all the partners will have to clear the debts even if they have to sell off their personal belongings.
Disagreement among the partners can lead to problems for the business.
There is a limit to the capital invested. Because of the fact that maximum 20 members are allowed, the business may find it difficult to expand after a certain limit.
There is no continuity of existence. Partnership is dissolved if one of the partners die or resigns or becomes bankrupt

Discussion

15.	State any two causes of disagreement between the balance as per bank column of cash book and bank statement.
Answer» (a) Cheques issued but not yet presented for payment. (b) Cheques deposited into bank but not yet credited.

15.

State any two causes of disagreement between the balance as per bank column of cash book and bank statement.

Answer»

(a) Cheques issued but not yet presented for payment.

(b) Cheques deposited into bank but not yet credited.

Discussion

16.	In a partnership firm, approval of minimum partners is necessary to transfer ownership.(A) One(B) Two(C) All(D) No
Answer» Correct option is (C) All

Discussion

17.	Name the types of partners a partnership firm can have and explain their roles and duties in the firm.
Answer» Types of partners a firm can have and their duties and roles are explained below. 1. Active partner: According to Partnership Act, a person who becomes a partner in the firm through partnership deed, invests capital in the firm, shares profit and loss, and works actively in managing the business is called an active partner. The active partner is considered as the agent of the firm for the purpose of business activities of the firm. 2. Sleeping/Dormant partner: A person who becomes the partner in the firm through partnership deed invests capital, bears loss of profit but does not play an active role in managing the business is called a sleeping or dormant partner. Just like the active partners, the liability of the sleeping partner is also unlimited. People who wish to have capital and cannot raise on their own often invites people to join the firm as sleeping partner. 3. Nominal partner: Sometimes a business firm aspires to grow quickly in the fast growing competitive market. The firm members then approach such a person who holds a strong influence and reputation in the market to become a partner in their firm. Such a partner neither invests capital nor plays an active role in the management but allows the partnership firm to use his name and influence for credibility, growth and expansion. Such a partner is called a nominal partner. The nominal partner gets a fees for this service and like other partners has unlimited liability. 4. Partner in profit only: A partner who shares only the profits without being liable for the losses is known as partner in profit only. Such a person is made a partner only to take advantage of his special skills, knowledge and rich experience. Such partner may or may not invest his capital in the firm. 5. Partner by estopple or holding out: A person who does not signs the partnership deed, does not bring capital and does not share the profit or loss in the firm but permits himself to be represented as a partner and behaves as a partner is called a partner by holding out or estopple partner. When a third party due to goodwill of such person (estopple partner) believes that the person sitting in the firm is a partner and transacts with the firm then the – liability of that partner becomes unlimited too. 6. Minor partner: According to the Partnership Act only an adult can sign a partnership deed and become a partner. However, at times the partnership firm for its own benefit can make a minor a temporary partner of the firm. For example , if a partner dies his child can be made a minor partner. Such minor partner has the right to share the profit of the firm but does not have liability to pay for the business loss. Creditors cannot claim to recover loss from the assets of minor partner. When the minor partner becomes adult he can become the partner of the firm if he desires to.

17.

Name the types of partners a partnership firm can have and explain their roles and duties in the firm.

Answer»

Types of partners a firm can have and their duties and roles are explained below.
1. Active partner:

According to Partnership Act, a person who becomes a partner in the firm through partnership deed, invests capital in the firm, shares profit and loss, and works actively in managing the business is called an active partner.
The active partner is considered as the agent of the firm for the purpose of business activities of the firm.

2. Sleeping/Dormant partner:

A person who becomes the partner in the firm through partnership deed invests capital, bears loss of profit but does not play an active role in managing the business is called a sleeping or dormant partner. Just like the active partners, the liability of the sleeping partner is also unlimited.
People who wish to have capital and cannot raise on their own often invites people to join the firm as sleeping partner.

3. Nominal partner:

Sometimes a business firm aspires to grow quickly in the fast growing competitive market. The firm members then approach such a person who holds a strong influence and reputation in the market to become a partner in their firm. Such a partner neither invests capital nor plays an active role in the management but allows the partnership firm to use his name and influence for credibility, growth and expansion. Such a partner is called a nominal partner.
The nominal partner gets a fees for this service and like other partners has unlimited liability.

4. Partner in profit only:

A partner who shares only the profits without being liable for the losses is known as partner in profit only.
Such a person is made a partner only to take advantage of his special skills, knowledge and rich experience. Such partner may or may not invest his capital in the firm.

5. Partner by estopple or holding out:

A person who does not signs the partnership deed, does not bring capital and does not share the profit or loss in the firm but permits himself to be represented as a partner and behaves as a partner is called a partner by holding out or estopple partner.
When a third party due to goodwill of such person (estopple partner) believes that the person sitting in the firm is a partner and transacts with the firm then the – liability of that partner becomes unlimited too.

6. Minor partner:

According to the Partnership Act only an adult can sign a partnership deed and become a partner. However, at times the partnership firm for its own benefit can make a minor a temporary partner of the firm. For example , if a partner dies his child can be made a minor partner.
Such minor partner has the right to share the profit of the firm but does not have liability to pay for the business loss. Creditors cannot claim to recover loss from the assets of minor partner.
When the minor partner becomes adult he can become the partner of the firm if he desires to.

Discussion

18.	In which partnership the life of a firm depends on the wish of the partners?(A) Partnership for a specific work(B) Voluntary partnership(C) General partnership(D) Registered partnership
Answer» Correct option is (B) Voluntary partnership

Discussion

19.	What is prepared to know the gross profit or gross loss during the accounting period?(a) Trading Account(b) Profit and Loss Account(c) Trial balance(d) Balance Sheet
Answer» Correct option is (a) Trading Account

Discussion

20.	What is called a credit balance of Profit and Loss account?
Answer» A credit balance of Profit and Loss account is called Net profit.

Discussion

21.	Which items are shown on the credit side of Trading account?
Answer» Net sales, sale of scrap goods and closing stock of goods are shown on the credit side of the Trading account.

Discussion

22.	Where is the balance of Profit and Loss account transferred?
Answer» The balance of Profit and Loss account is transferred to Capital account in the Balance Sheet.

Discussion

23.	To which account is net loss transferred?(a) Capital A/c(b) Drawings A/c(c) Suspense A/c(d) Capital loss A/c
Answer» Correct option is (a) Capital A/c

Discussion

24.	Where provident fund interest of trial balance is shown?(a) Credit side of Profit and Loss Account(b) Debit side of Profit and Loss Account(c) Added in provident fund investment on Asset side of Balance Sheet(d) Added in provident fund on Liabilities side of Balance Sheet
Answer» Correct option is (d) Added in provident fund on Liabilities side of Balance Sheet

Discussion

25.	Name the various types of partners a partnership firm can have.
Answer» Active partner Sleeping partner Nominal partner, Partner in profit only Partner by estopple or holding out Minor partner

Discussion

26.	How many types of partners can a partnership firm have? Name them.
Answer» A partnership firm can consist of six types of partner. They are: Active partner Sleeping partner Nominal partner Partner in profit only Partner by estopple or holding out Minor partner

26.

How many types of partners can a partnership firm have? Name them.

Answer»

A partnership firm can consist of six types of partner. They are:

Active partner
Sleeping partner
Nominal partner
Partner in profit only
Partner by estopple or holding out
Minor partner

Discussion

27.	How is decentralization of power partnership firm? OR How can decentralized power of funds help a partnership firm from financial crisis?
Answer» In a partnership firm the power to control the achieved in funds of the company lies with all the partners, This helps to mobilize the funds better and to stop a partner from making wrong monetary decision. This safeguards the firm against financial crises.

Discussion

28.	What is Balance Sheet?(a) an account(b) a statement(c) a secondary book(d) a basic book
Answer» Correct option is (b) a statement

Discussion

29.	Why is it difficult to raise funds in HUF firm?
Answer» Difficulty in raising funds: The success of an HUF firm depends on the efficiency of the Karta. The firm depends on the Karta and family members for raising the funds needed to run the business. In such cases since the fund is to be raised by family members only it might be difficult to raise a good amount of capital.

29.

Why is it difficult to raise funds in HUF firm?

Answer»

Difficulty in raising funds:

The success of an HUF firm depends on the efficiency of the Karta. The firm depends on the Karta and family members for raising the funds needed to run the business. In such cases since the fund is to be raised by family members only it might be difficult to raise a good amount of capital.

Discussion

30.	What is prepared on the basis of closing balance of each account?(a) Balance Sheet(b) Trial balance(c) Trading A/c(d) Profit and Loss A/c
Answer» Correct option is (b) Trial balance

Discussion

31.	On which side of the Balance Sheet are prepaid expenses shown?(a) Assets(b) Liabilities(c) Credit(d) Debit
Answer» Correct option is (a) Assets

Discussion

32.	On which side of Balance Sheet pre received income is shown?(a) Assets(b) Liabilities(c) Credit(d) Debit
Answer» Correct option is (b) Liabilities

Discussion

33.	After preparation of trial balance, next stage is called …………………(a) Balance Sheet(b) Statement(c) Final Accounts(d) Trading A/c
Answer» Correct option is (c) Final Accounts

Discussion

34.	By which other name is right side of Balance Sheet known?(a) Capital – Payables(b) Liabilities(c) Assets – Recivables(d) Dues
Answer» Correct option is (c) Assets – Receivables

Discussion

35.	What is the list of balances of unclosed accounts?(a) Trial balance(b) Balance Sheet(c) Trading A/c(d) Profit and Loss A/c
Answer» Correct option is (b) Balance Sheet

Discussion

36.	What will be increased by net profit?(a) Debt(b) Dues(c) Capital(d) Drawings
Answer» Correct option is (c) Capital

Discussion

37.	What is capital for the business?(a) Income(b) Expense(c) Dues(d) Debts
Answer» Correct option is (d) Debts

Discussion

38.	Debit balance of Trading Account means ……………………(a) Gross Profit(b) Gross Loss(c) Net Profit(d) Net Loss
Answer» Correct option is (b) Gross Loss

Discussion

39.	Where is royalty of trial balance shown?(a) Credit side of Profit and Loss A/c(b) Debit side of Profit and Loss A/c(c) Credit side of Trading A/c(d) Debit side of Trading A/c
Answer» Correct option is (d) Debit side of Trading A/c

Discussion

40.	If closing stock of goods is given only in trial balance then where would its effect appear in the final accounts?(a) Debit side of Trading A/c(b) Credit side of Trading A/c(c) Assets side of Balance Sheet(d) Liabilities side of Balance Sheet
Answer» Correct option is (c) Assets side of Balance Sheet

Discussion

41.	Credit balance of Profit and Loss Account means ………………(a) Gross Profit(b) Gross Loss(c) Net Profit(d) Net Loss
Answer» Correct option is (c) Net Profit

Discussion

42.	Which type of assets are deferred revenue expenditures?(a) Fixed assets(b) Intangible assets(c) Fictitious assets(d) Current assets
Answer» Correct option is (c) Fictitious assets

Discussion

43.	Opening stock + Purchases – Closing stock = …………………(a) Sales(b) Total purchases(c) Adjusted purchases(d) Net purchases
Answer» Correct option is (c) Adjusted purchases

Discussion

44.	At which price closing stock is shown in the final accounts?(a) Original Cost(b) Cost Price(c) Market Price(d) Cost price or Market price whichever is lower
Answer» Correct option is (d) Cost price or Market price whichever is lower

Discussion

45.	Write the Advantage / Merits of incomplete’records system.
Answer» The important uses/merits of incomplete records are: • It is a simple and easy method of book – keeping. • It is less costly, because only few books of accounts are maintained. • Only personal and cash accounts are main trained. • It is suitable for small business concern. • Accounting knowledge is not much required

45.

Write the Advantage / Merits of incomplete’records system.

Answer»

The important uses/merits of incomplete records are:

• It is a simple and easy method of book – keeping.

• It is less costly, because only few books of accounts are maintained.

• Only personal and cash accounts are main trained.

• It is suitable for small business concern.

• Accounting knowledge is not much required

Discussion

46.	Which reserve is used to write off loss on sale of fixed assets?
Answer» Capital reserve is used to write off loss on sale of fixed assets.

Discussion

47.	Explain the special features of accounts from incomplete records.
Answer» Special features of accounts from incomplete records are: • Both the aspect of each and every transactions are not recorded. • Under this system all kinds of accounts are maintained. • It is simple and easy method of book keeping. • It is less costly. • It is not very supportive to find out exact profit of the business concern. • Not possible to find out correct profit or loss of a concern.

47.

Explain the special features of accounts from incomplete records.

Answer»

Special features of accounts from incomplete records are:

• Both the aspect of each and every transactions are not recorded.

• Under this system all kinds of accounts are maintained.

• It is simple and easy method of book keeping.

• It is less costly.

• It is not very supportive to find out exact profit of the business concern.

• Not possible to find out correct profit or loss of a concern.

Discussion

48.	Explain the procedure of ascertaining profit under incomplete records.
Answer» The steps or procedure for finding out profit under incomplete system of book keeping. Closing Capital Add: Drawings Add: Drawings Less: Additional capital Adjusted closing Capital Less: Opening Capital Gross profit/Loss Less: All Expenses/Payable Add: All Income/Receivables Net profit/Net Loss.

48.

Explain the procedure of ascertaining profit under incomplete records.

Answer»

The steps or procedure for finding out profit under incomplete system of book keeping. Closing Capital Add: Drawings

Add: Drawings

Less: Additional capital

Adjusted closing Capital

Less: Opening Capital

Gross profit/Loss

Less: All Expenses/Payable

Add: All Income/Receivables

Net profit/Net Loss.

Discussion

49.	Single entery system is also called ………………(a) Accounts from complete records(b) Accounts from incomplete records(c) Double entry accounting system(d) Independent accounting system
Answer» Correct option is (b) Accounts from incomplete records

Discussion

50.	………………. shows the financial-economic position of the business.(a) Trial Balance(b) Trading Account(c) Profit and Loss Account(d) Balance Sheet
Answer» Correct option is (d) Balance Sheet

Discussion

Explore topic-wise InterviewSolutions in Current Affairs.

Write any two important features of the second-generation system.

Name the language used in the first generation of computers.

Expand the term UNIVAC.

What is the stored program concept? Who developed it?

Who developed the stored program concept?

Define program.

What excuses did Neel give to avoid cleaning his room?

In case of regressive tax, the larger the income of a tax-payer.(a) smaller is the proportion of tax levied (b) tax is levied at the constant rate (c) greater is the proportion of tax levied (d) zero tax is levied

In India, GST became effective from ………………….(a) 1st April, 2017(b) 1st January, 2017(c) 1st March, 2017(d) 1st July, 2017

Which of the following tax will be abolished by the GST?(a) Service tax(b) Income tax(c) Wealth tax(d) Corporation tax

Explain any two benefits of GST.

Which types of needs are considered to determine GST rates?

Explain any two special features of GST.

Why is partnership considered by some to be a relatively unpopular form of business ownership? Explain the merits and limitations of partnership.

State any two causes of disagreement between the balance as per bank column of cash book and bank statement.

In a partnership firm, approval of minimum partners is necessary to transfer ownership.(A) One(B) Two(C) All(D) No

Name the types of partners a partnership firm can have and explain their roles and duties in the firm.

In which partnership the life of a firm depends on the wish of the partners?(A) Partnership for a specific work(B) Voluntary partnership(C) General partnership(D) Registered partnership

What is prepared to know the gross profit or gross loss during the accounting period?(a) Trading Account(b) Profit and Loss Account(c) Trial balance(d) Balance Sheet

What is called a credit balance of Profit and Loss account?

Which items are shown on the credit side of Trading account?

Where is the balance of Profit and Loss account transferred?

To which account is net loss transferred?(a) Capital A/c(b) Drawings A/c(c) Suspense A/c(d) Capital loss A/c

Where provident fund interest of trial balance is shown?(a) Credit side of Profit and Loss Account(b) Debit side of Profit and Loss Account(c) Added in provident fund investment on Asset side of Balance Sheet(d) Added in provident fund on Liabilities side of Balance Sheet

Name the various types of partners a partnership firm can have.

How many types of partners can a partnership firm have? Name them.

How is decentralization of power partnership firm? OR How can decentralized power of funds help a partnership firm from financial crisis?

What is Balance Sheet?(a) an account(b) a statement(c) a secondary book(d) a basic book

Why is it difficult to raise funds in HUF firm?

What is prepared on the basis of closing balance of each account?(a) Balance Sheet(b) Trial balance(c) Trading A/c(d) Profit and Loss A/c

On which side of the Balance Sheet are prepaid expenses shown?(a) Assets(b) Liabilities(c) Credit(d) Debit

On which side of Balance Sheet pre received income is shown?(a) Assets(b) Liabilities(c) Credit(d) Debit

After preparation of trial balance, next stage is called …………………(a) Balance Sheet(b) Statement(c) Final Accounts(d) Trading A/c

By which other name is right side of Balance Sheet known?(a) Capital – Payables(b) Liabilities(c) Assets – Recivables(d) Dues

What is the list of balances of unclosed accounts?(a) Trial balance(b) Balance Sheet(c) Trading A/c(d) Profit and Loss A/c

What will be increased by net profit?(a) Debt(b) Dues(c) Capital(d) Drawings

What is capital for the business?(a) Income(b) Expense(c) Dues(d) Debts

Debit balance of Trading Account means ……………………(a) Gross Profit(b) Gross Loss(c) Net Profit(d) Net Loss

Where is royalty of trial balance shown?(a) Credit side of Profit and Loss A/c(b) Debit side of Profit and Loss A/c(c) Credit side of Trading A/c(d) Debit side of Trading A/c

If closing stock of goods is given only in trial balance then where would its effect appear in the final accounts?(a) Debit side of Trading A/c(b) Credit side of Trading A/c(c) Assets side of Balance Sheet(d) Liabilities side of Balance Sheet

Credit balance of Profit and Loss Account means ………………(a) Gross Profit(b) Gross Loss(c) Net Profit(d) Net Loss

Which type of assets are deferred revenue expenditures?(a) Fixed assets(b) Intangible assets(c) Fictitious assets(d) Current assets

Opening stock + Purchases – Closing stock = …………………(a) Sales(b) Total purchases(c) Adjusted purchases(d) Net purchases

At which price closing stock is shown in the final accounts?(a) Original Cost(b) Cost Price(c) Market Price(d) Cost price or Market price whichever is lower

Write the Advantage / Merits of incomplete’records system.

Which reserve is used to write off loss on sale of fixed assets?

Explain the special features of accounts from incomplete records.

Explain the procedure of ascertaining profit under incomplete records.

Single entery system is also called ………………(a) Accounts from complete records(b) Accounts from incomplete records(c) Double entry accounting system(d) Independent accounting system

………………. shows the financial-economic position of the business.(a) Trial Balance(b) Trading Account(c) Profit and Loss Account(d) Balance Sheet