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

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

    Balance sheet
    Income and expenditure account
    Trading account
    Profit and loss account
  • "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?

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

    To know the amount of trade debtors and creditors.
    To help to determine the actual value of the business at the time of sale or liquidation.
    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.
  • Balance sheet is prepared at the ______.

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

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

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

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

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

    outstanding expenses
    non of them
    prepaid expenses
    preliminary expenses
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