The balance in the trading account is the gross profit or __________.

(a)

Net profit

(b)

Net loss

(c)

gross loss

(d)

balance

Basic unit for measurement in accounting is _______

(a)

account

(b)

voucher

(c)

monetary value

The term TDS in taxation refers to _______

(a)

Tax Dissolved

(b)

Tax Deducted Source

(c)

Both

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 the process of managing the income and expenses of a business firm.

(a)

Economic

(b)

Statistics

(c)

Accountancy

(d)

None of these

Business distinct from owner. This concept is called _________.

(a)

Going Concern Concept

(b)

Separate Entity concept

(c)

Money Measurement Concept

(d)

Revenue Realization Concept

Purchased goods from Venkat for each should be credited to _________

(a)

Venkat A/c

(b)

Cash A/c

(c)

Purchase A/c

(d)

Goods A/c

Rent payable to the landlord Rs. 5,00,000 is credited to________.

(a)

Cash Account

(b)

Landlord Account

(c)

Outstanding Rent Account

(d)

None of the above

________ accounts give the net amount due to creditor and the net amount due from debtors.

(a)

Real

(b)

Personal

(c)

Nominal

(d)

Ledger

If the rate of depreciation is same, then the amount of depreciation under straight line method vis-à-vis written down value method will be ________.

(a)

Equal in all years

(b)

Equal in the first year but higher in subsequent years

(c)

Equal in the first year but lower in subsequent years

(d)

Lower in the first year but equal in subsequent years.