Financial Accounting - part 1

• A. True
• B. False

• A. rules in a game
• B. a sport
• C. how a government is run
• D. ways in which people make a living

• A. True
• B. False
• C. Don’t Know

• A. maintain accurate reports.
• B. compile the business’s expenses.
• C. keep track of sales.
• D. control the finances of the business.

• A. RS. .1, 60, 000
• B. RS. .60, 000
• C. RS. .1, 00, 000
• D. RS. .40, 000

• A. Business Entity Concept
• B. Money Measurement Concept
• C. Historical Cost Concept
• D. Dual Aspect Concept

• A. Original cost method
• B. Diminishing Balance method
• C. Annuity method

• A. Where Accountancy ends.
• B. Where book keeping ends.
• C. Where financial statements ends.
• D. Where analysis of financial state ment ends.

• A. Source voucher
• B. Journal entry
• C. Ledger
• D. All of these

• A. The price paid on the purchase of asset
• B. The amount realised on the sale of asset
• C. The net amount expected to realise on final disposal of assets
• D. Reduced value of the asset every year

• A. Total Cash you want to keep
• B. Total cash putting into bank
• C. Total Checks putting into bank
• D. Total of checks and cash putting into bank

• A. Total utility is the dollar value of all consumption; marginal utility is the dollar value of one more unit of consumption
• B. Total utility is consumers’ satisfaction of the last unit of consumption; marginal utility is consumers’ satisfaction from all consumption.
• C. Total utility is the value to sellers of all production; marginal utility is the value to sellers of one more unit of production
• D. Total utility is consumers’ satisfaction with all consumption; marginal utility is consumers’ satisfaction from one more unit of consumption.

• A. The old partners
• B. The new partner
• C. All the partners
• D. The sacrificing ratio

• A. improved company reputation
• B. skilled and knowledgeable staff
• C. entry of competitors
• D. Costly set-up

• A. Debit the expenses and losses credit income and gains
• B. Credit the expenses and losses debit income and gain
• C. All expenses and income on credit side
• D. All of above

• A. Worker
• B. Labour
• C. Inventory
• D. Cost

• A. trying to palease the client
• B. listening to the clients viewpoint
• C. preparing accounts to the clients specifications
• D. preparing accounts to show a ’true and fair wiew’

• A. Debtors
• B. Plant and Machinery
• C. Goodwill
• D. None of these

• A. Internal
• B. External
• C. None of the above
• D. Both

• A. Goods only
• B. Debtors only
• C. Goods and Debtors
• D. Cash and Debtors

• A. $200.02
• B. $449.63
• C. $352.79
• D. $448.99

• A. Journal
• B. Trial balance
• C. Balance sheet
• D. Ledger

• A. incomes increased
• B. expectation that prices will increase
• C. a decrease in the price of a substi tute
• D. increase in market size

• A. Interest
• B. Commission
• C. Profit
• D. Dividend

• A. Italian
• B. French
• C. Polish
• D. Danish