___________ is the amount incurred in order to produce and sell the goods and services.

(a)

Creditor

(b)

Debtor

(c)

Stock

(d)

Expense

In India, Accounting Standards are issued by

(a)

Reserve Bank of India

(b)

The Cost and Management Accountants of India

(c)

Supreme Court of India

(d)

The Institute of Chartered Accountants of India

__________ is useful to find out tax liability in case of sales tax, income tax, property tax, etc

(a)

Double entry

(b)

Book keeping

(c)

Economics

(d)

Statistics

Accounting requires ______ 

(a)

Clerical skill

(b)

Analytical skill

(c)

Routine skill

If the total of the debit side of an account exceeds the total of its credit side, it means

(a)

Credit Balance

(b)

Debit Balance

(c)

Nil Balance

(d)

Debit and Credit Balance

Bank account will show__________balance

(a)

Debit

(b)

Credit

(c)

Debit (or) Credit

(d)

None

When the balance as per Cash Book is the starting point to ascertain balance as per bank statement, direct deposits by customers are _________

(a)

Added

(b)

Subtracted

(c)

not adjusted

(d)

None of these above

The difference in trial balance is taken to _______.

(a)

The capital account

(b)

The trading account

(c)

The suspense account

(d)

The profit and loss account

An asset worth Rs. 1,00,000 is sold for Rs. 85,000 the capital loss amounts to __________

(a)

Rs.85,000

(b)

Rs.1,00,000

(c)

Rs.15,000

(d)

Rs.70000

____________ liabilities are not shown in the Balance sheet.

(a)

Long-term

(b)

Short-term

(c)

Contingent

(d)

None of these