The excess of assets over liabilities is

(a)

Loss

(b)

Cash

(c)

Capital

(d)

Profit

Income and expenditure account is a

(a)

Nominal A/c

(b)

Real A/c

(c)

Personal A/c

(d)

Representative personal account

Which of the following is shown in Profit and loss appropriation account?

(a)

Office expenses

(b)

Salary of staff

(c)

Partners’ salary

(d)

Interest on bank loan

Which of the following is true?

(a)

Super profit = Total profit / number of years

(b)

Super profit = Weighted profit / number of years

(c)

Super profit = Average profit – Normal profit

(d)

Super profit = Average profit x Years of purchase

If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

(a)

Capital ratio

(b)

Sacrificing ratio

(c)

Gaining ratio

(d)

None of these

On revaluation, the increase in liabilities leads to

(a)

Gain

(b)

Loss

(c)

Profit

(d)

None of these

After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

(a)

General reserve account

(b)

Capital reserve account

(c)

Securities premium account

(d)

Surplus account

The financial statements do not exhibit

(a)

Non-monetary data

(b)

Past data

(c)

Short term data

(d)

Long term data

Debt equity ratio is a measure of

(a)

Short term solvency

(b)

Long term solvency

(c)

Profitability

(d)

Efficiency

What are the predefined Ledger(s) in Tally?
(i) Cash
(ii) Profit & Loss A/c
(iii) Capital A/c

(a)

Only (i)

(b)

Only (ii)

(c)

Both (i) and (ii)

(d)

Both (ii) and (iii)