A firm has assets worth Rs. 60,000 and capital Rs. 45,000.Then it's liabilities is _________

(a)

Rs. 45,000

(b)

Rs. 1,05,000

(c)

Rs. 60,000

(d)

Rs. 15,000

On what basis the receipts and payments account is prepared?

(a)

Cash basis

(b)

Credit basis

(c)

Both

(d)

None of these

All the transactions between the partner and the firm are recorded in the _________

(a)

capital account

(b)

drawings account

(c)

profit and loss account

(d)

revaluation account

Normal profit is ___________

(a)

average profit earned

(b)

profit earned by similar companies in the same industry

(c)

both 'a' and 'b'

(d)

none of the above

Revaluation account is also called

(a)

Accumulation profit and loss account

(b)

Profit and loss adjustment account

(c)

Profit and loss appropriation account

(d)

None of these

The settlement is to be done in the manner prescribed in the ___________

(a)

Partnership-at-will

(b)

Partnership deed

(c)

Both 'a' and 'b'

(d)

None of the above

Equity shares do not enjoy any ___________

(a)

Equity rights

(b)

Preference rights

(c)

Dividend of rights

(d)

Ordinary shares

Comparative statement and trend percentages are examples of ____________

(a)

Cash flow analysis

(b)

Trend analysis

(c)

Horizontal analysis

(d)

Vertical analysis

Operating ratio is equal to __________

(a)

100 - Operating profit ratio

(b)

100 + Operating profit ratio

(c)

Operating cost

(d)

None of these

___________ is one of the most widely used financial accounting softwares

(a)

Tally

(b)

Excel

(c)

Word

(d)

Spread sheet