Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

(a)

Rs. 30,000

(b)

Rs. 1,30,000

(c)

Rs. 40,000

(d)

Rs. 20,000

The capital of a business is ascertained by preparing _________

(a)

Trading account

(b)

Statement of profit or loss

(c)

Balance sheet

(d)

Statement of affairs

Incomplete records are those records which are not kept under ____ system

(a)

Single entry

(b)

Double entry

(c)

Book keeping

(d)

none of these

In single entry system of accounting ___________

(a)

Duel aspects of a transaction is recorded

(b)

Single aspect of transaction is recorded

(c)

Important transaction are recorded

(d)

All of them

Income and Expenditure Account is prepared to find out

(a)

Profit or loss

(b)

Cash and bank balance

(c)

Surplus or deficit

(d)

Financial position

In non - profit organization, the sale of old newspapers is generally considered as an __________

(a)

Revenue receipt

(b)

Expenditure

(c)

Income

(d)

Capital receipt

When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

(a)

Additional capital introduced

(b)

Interest on capital

(c)

Interest on drawings

(d)

Share of profit

When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________

(a)

Rs. 25,000

(b)

Rs. 5,000

(c)

Rs. 10,000

(d)

Rs. 15,000

‘ A’ was a partner in a partnership firm. He died on 31^st March 2019. The final amount due to him is Rs. 25,000 which is not paid immediately. It will be transferred to

(a)

A’s capital account

(b)

A’s current account

(c)

A’s Executor account

(d)

A’s Executor loan account

When shares are issued for purchase of assets, the amount should be credited to

(a)

Vendor’s A/c

(b)

Sundry assets A/c

(c)

Share capital A/c

(d)

Bank A/c

Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?

(a)

Cash flow statement

(b)

Common size statement

(c)

Comparative statement

(d)

Trend analysis

Debt equity ratio is a measure of

(a)

Short term solvency

(b)

Long term solvency

(c)

Profitability

(d)

Efficiency

If both items in a ratio are from balance sheet, it is classified as___________

(a)

Inter statement ratio

(b)

Income statement ratio

(c)

Balance sheet ratio

(d)

All of these

_____ indicates the number of times inventory is turned over to make revenue from operations during a particular accounting period.

(a)

Inventory turnover ratio

(b)

Trade receivable turnover ratio

(c)

Trade payables turnover ratio

(d)

Fixed assets turnover ratio

_____ assets means current assets less stock and prepaid expenses.

(a)

Current

(b)

Fixed

(c)

Liquid

(d)

None the these

Which of the following operation is correct?

(a)

Tangible Assets = Land + Building + Furniture

(b)

Tangible Assets = Land + Building + Goodwill

(c)

Tangible Assets = Land + Building + Furniture + Copy right

(d)

None of the above

_____________ Assets = Total current assets - (Stock + Prepaid expenses)

(a)

Current

(b)

Liquid

(c)

Fixed

(d)

Tangible

Which submenu displays groups, ledgers and voucher types in Tally?

(a)

Inventory vouchers

(b)

Accounting vouchers

(c)

Company Info

(d)

Account Info

All transactions related to payments either in cash or through bank are recorded using __________

(a)

journal voucher

(b)

sontra voucher

(c)

receipt voucher

(d)

payment voucher

__________ is used by various types of trade and industries.

(a)

Microsoft

(b)

Tally

(c)

Excel

(d)

C++