_____ is a statement showing the balances of assets and liabilities on a particular date.

(a)

Statement of affairs

(b)

Trading account

(c)

Profit and loss account

(d)

Balance sheet

A firm has liabilities is Rs. 50,000 and Capital is Rs. 25,000. Then its assets is ______________

(a)

Rs. 1,00,000

(b)

Rs. 25,000

(c)

Rs. 50,000

(d)

Rs. 75,000

The receipts and payments account of a nonprofit organisation is a __________

(a)

Nominal account

(b)

Real account

(c)

Income statement account

(d)

Financial statement

Product method can be used in all situations as an alternative to ____________

(a)

average period

(b)

direct method

(c)

both 'a' and 'b'

(d)

none of these

Rate of interest is 11% and the rate of risk is 9% The normal rate of return is __________

(a)

11%

(b)

9%

(c)

20%

(d)

2%

In admission undistributed profit or loss is transferred to _________

(a)

New partner's capital A/c only

(b)

Old partner's capital A/c only

(c)

All the partner's capital accounts

(d)

None of these

The policy amount received from the insurance company is used to settle the amount due to the __________

(a)

Increased partner

(b)

Deceased partner

(c)

Partnership at will

(d)

Partnership deed

Second installment called _______

(a)

first call money

(b)

allotment money

(c)

final call money

(d)

application money

Securities premium account is shown on the liabilities side of the balance sheet under the head:

(a)

Share capital

(b)

Reserves and Surplus

(c)

Current liabilities

(d)

None of them

Operating ratio is equal to __________

(a)

100 - Operating profit ratio

(b)

100 + Operating profit ratio

(c)

Operating cost

(d)

None of these