Final accounts – Test 5

Which of the following statement generally contains personal & real but does not contain nominal accounts?

At the time of preparation of financial accounts, bad debt recovered account will be transferred to-

In which of the following closing stock does not appears?

Property, Plant and Equipment are conventionally presented in the Balance Sheet at-

In which of the following opening stock does not appears?

Depreciation appearing in the trial balance should be-

________ is an account while_________ is a statement

The adjustment to be made for prepaid expenses is-

In order to prepare final accounts, all nominal accounts will transferred to Trading and Profit & Loss A/c by passing journal entries which are called______as they close the nominal accounts.

Prepaid expenses are valued on the Balance Sheet at-

In the case of continuing business we are required to pass an entry in the journal to brought forward all assets and liabilities as appearing in the books on the last day of the previous ear. This entry is known as-

Which of the following is Not true with regard to preparation of Profit & Loss Account?

The Profit and Loss A/c shows the-

Cash Profit is-

The balance sheet gives information regarding the-

Computers taken on hire by a business for a period of twelve months should be classified as-

As per principal of conservatism which of the following provision is/are not made in accounts?

Closing stock appearing in the Trial Balance is shown in-

Revenues affect net income-

Depreciation Account appearing in the trial balance is shown in-

Which of these Accounts does not appear in Trading A/c

Research & Development Cost A/c appearing in balance sheet is a-

Tick the correct statement.

An amount which is allowed for the prompt settlement of debt arising out of a sale within a specified time and calculated on a percentage basis is known as-

Revenue is said to have been earned when-