The document prepared by the seller when he sells goods to the buyer is _____________.

(a)

Voucher

(b)

Invoice

(c)

Receipt

(d)

Ticker

Who is considered as the external user of financial information?

(a)

Management

(b)

Owners

(c)

Government

The word journal has been derived from the French word 'Jour' Jour means _________

(a)

Cash

(b)

Money

(c)

Day

(d)

None of these

________ accounts show the values of assets.

(a)

Real

(b)

Personal

(c)

Nominal

(d)

Journal

The difference of totals of both debit and credit side of trial balance is transferred to _________

(a)

Trading account

(b)

Difference account

(c)

Suspense account

(d)

Miscellaneous account

The person who endorses is called the _____

(a)

Endorser

(b)

Endorsee

(c)

Drawer

(d)

Drawee

Small payments are recorded in a book called_____.

(a)

Cash book

(b)

Purchase book

(c)

Bills payable book

(d)

Petty cash book

A machine costing Rs.2,00,000 was depreciated @ 25% per annum using written down value method. At the end of three years it will have a book value of ____________

(a)

Rs. 1,50,000

(b)

Rs. 84,375

(c)

Rs. 1,12,500

(d)

Rs. 2,00,000

Expenditure incurred Rs.20,000 for trial run of a newly installed machinery will be ______.

(a)

Preliminary expense

(b)

Revenue expenditure

(c)

Capital expenditure

(d)

Deferred revenue expenditure

____________ liabilities are not shown in the Balance sheet.

(a)

Long-term

(b)

Short-term

(c)

Contingent

(d)

None of these