Practice Test | Kullabs.com
0%
  • The balance sheet is a statement of ______ of the business.

    liabilities
    assets
    capital
    all the options are correct
  • ______ is the statement, which depicts the financial position of the business on a particular date.

    Profit and loss account
    Trading account
    Income and expenditure account
    Balance sheet
  • "Balance sheet is a mirror, which reflect the true position of assets and liabilities of a business on a particular date." Whose saying is this?

    Peter Drucker
    Palmer
    O. P. Gupta
    AICPA
  • Which one of them is not the objective of balance sheet?

    To know the amount of trade debtors and creditors.
    To supply reliable information regarding incomes and expenditures for making a comparison and preparing plans and policies.
    To present the actual financial position of the business on a given date.
    To help to determine the actual value of the business at the time of sale or liquidation.
  • Balance sheet is prepared at the ______.

    last day of the accounting period
    last day of the organiational period
    first day of the accounting period
    beginning day of the organization
  • The balance sheet contains the items of ______.

    assets
    liabilities
    all the options are correct
    capital
  • ______ is the statement which shows the financial picture of the business organization.

    Final account
    Profit and loss account
    Balance sheet
    Trading account
  • The excess amount of income over expenditure is known as ______.

    net loss
    gross profit
    gross loss
    net profit
  • Expense paid in advance is called ______.

    prepaid expenses
    selling expenses
    preliminary expenses
    outstanding expenses
  • Expenses incurred but not yet paid, are called ______.

    preliminary expenses
    outstanding expenses
    non of them
    prepaid expenses
  • You scored /10


    Take test again