Q46. Salary paid in advance has a -----
1) debit balance
2) credit balance
3) nil balance
4) either credit or debit balance
Q47. Net Profit is a/an ----- of a firm
1) Asset
2) Expense
3) Liability
4) None of the above
Q48. If the assets of a firm are Rs. 8,00,00,000,
the liabilities are Rs. 3,25,00,000,
accumulated profits are Rs. 1,50,00,000, then the
capital of the firm is ________
1) Rs. 325,00,000
2) Rs. 625,00,000
3) Rs. 975,00,000
4) Rs. 1275,00,000
Q49. The following are certain transactions: i)
Cheque issued to the tax
authorities; ii) Interest on overdrawn balances;
iii) Direct payment made by the
customer into the bank a/c. The correct manner of
recording these transactions in
the cash book is -----
1) debit side, credit side, debit side
2) credit side, credit side, debit side
3) debit side, debit side, debit side
4) credit side, debit side, credit side
Q50. The basis of inventory valuation adopted
should not be changed frequently
because it violates the accounting principle of
____________
1) Consistency
2) Conservatism
3) Realization
4) Materialism
Answers:
