Statement of affairs is a

(a)

Statement of income and expenditure

(b)

Statement of assets and liabilities

(c)

Summary of cash transactions

(d)

Summary of credit transactions

Receipts and payments account records receipts and payments of

(a)

Revenue nature only

(b)

Capital nature only

(c)

Both revenue and capital nature

(d)

None of the above

In the absence of an agreement among the partners, interest on capital is

(a)

Not allowed

(b)

Allowed at bank rate

(c)

Allowed @ 5% per annum

(d)

Allowed @ 6% per annum

Super profit is the difference between

(a)

Capital employed and average profit

(b)

Assets and liabilities

(c)

Average profit and normal profit

(d)

Current year’s profit and average profit

On revaluation, the increase in the value of assets leads to 

(a)

Gain

(b)

Loss

(c)

Expense

(d)

None of these

On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

(a)

New profit sharing ratio

(b)

Old profit sharing ratio

(c)

Gaining ratio

(d)

Sacrificing ratio

That part of share capital which can be called up only on the winding up of a company is called:

(a)

Authorised capital

(b)

Called up capital

(c)

Capital reserve

(d)

Reserve capital

Balance sheet provides information about the financial position of a business concern

(a)

Over a period of time

(b)

As on a particular date

(c)

For a period of time

(d)

For the accounting period

Current ratio indicates

(a)

Ability to meet short term obligations

(b)

Efficiency of management

(c)

Profitability

(d)

Long term solvency

Function key F11 is used for

(a)

Company Features

(b)

Accounting vouchers

(c)

Company Configuration

(d)

None of these