1. Current liabilities include ; Bills payable Creditors Outstanding expanses All of the above 2. Which of the following is capital expenditure? Wages Wages paid for building construction Repair expanses of building Advertisement expenses 3. A person who owes money to the firm is called? Debtor Creditor None of these Supplier 4. Goods means ; Commodity to be bought and sold Commodity to be bought but not be sold Commodity to be used as an asset All of the above 5. Trade discount is ; Which is allowed at the time of receiving the payment Which is allowed at the time of sale of goods Which is allowed both at the time of receiving payment and sales of goods All of the above 6. Cash discount is ; Which is received at the time of making the payment Which is allowed at the time of sales and goods Which is allowed at the time of purchase and goods Which is received both at the time of making payment and purchase of goods 7. Current asset do not include ; Debtors Motor car Bank balance Prepaid expenses 8. Tangible asset do not include? Goodwill Furniture Stock Cash 9. Which of the following will be treated as drawing ; Withdrawing money for payment of salary to employees Withdrawing money for payment to creditor Withdrawing money form business for private expenses Withdrawing money for purchase of asset 10. Main feature of business transaction is ; It involves an economic activity It result in a change in the financial position of the firm Change must be capable of being expressed in terms of money All of the above 11. Current liabilities do not include ; Bills payable Creditor Outstanding expanses Debentures 12. Purchase refer to the buying of ; Stationary for office use Assets for the factory Goods of resale Investments 13. The terms sales used only for the sale of———–and is never used for the sale of———- ; Assets, Investments Assets, Goods Intangible asset, Goods Goods, Asset 14. Out of the following assets one is NOT an intangible asset? Parents Investments Goodwill Trademark 15. At the end of financial year, during which sale of goods was worth Rs 5,00,000, the closing stock is valued at Rs 40,000. This is ; An event A transaction Both an event as well as transaction None of [A] and [B] 16. Which of the following is the capital expenditure? Wages paid for repair of building Wages paid for white washing of building Wages paid for construction of building Wages paid for cleaning of building 17. Consider the following items ; Prepaid salary Accrued interest Loan Bank overdraft 18. Consider the following items ; Prepaid salary Accrued interest Loan Bank overdraft Loading … Question 1 of 18
